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Carlo Palombo and Tom Hayes granted permission to appeal to Supreme Court

25 Jul 2024

Hickman & Rose client Carlo Palombo has been granted permission to appeal his EURIBOR related criminal conviction, together with Tom Hayes’ LIBOR-related conviction, to the Supreme Court.

In 2019 former Barclays trader Carlo Palombo was convicted of fraud in relation to the submission of EURIBOR interest rates. In 2023, the Criminal Cases Review Commission referred his case back to the Court of Appeal, citing the starkly different approach to alleged LIBOR manipulation taken by the US courts. 

While the Court of Appeal Criminal Division earlier this year dismissed Carlo and Tom’s appeal, it certified that this decision involved a point of law of general public importance. This opened the door for the duo to ask for permission to appeal to the Supreme Court.

The Supreme Court has now granted Carlo Palombo and Tom Hayes permission to appeal their EURIBOR and LIBOR-related convictions on this point of law.

Carlo Palombo’s solicitor Ben Rose said: “I’m delighted that the Supreme Court has granted Carlo and Tom permission to appeal. The Court of Appeal Criminal Division has ruled on the interpretation of LIBOR/EURIBOR five times now and left the UK as an outlier in criminalising this conduct.

I sincerely hope that the Supreme Court will reverse these long-standing miscarriages of justice.

Carlo Palombo is represented by Ben Rose and Tom Bushnell at Hickman & Rose, who also represent three other traders convicted of similar conduct. They have instructed Tim Owen KC, Jonathan Crow CVO KC, Katherine Hardcastle and Tim James-Matthews.

Tom Hayes is represented by Karen Todner, who has instructed Adrian Darbishire KC and Tom Doble.


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