Hayes and Palombo win right to request Supreme Court appeal of LIBOR / EURIBOR convictions
21 May 2024
A Court of Appeal ruling means Hickman & Rose client Carlo Palombo, together with Tom Hayes, can apply to the Supreme Court for permission to appeal.
The Court’s decision that the former LIBOR / EURIBOR traders’ cases involve a point of law of general public importance means they will now apply to the Supreme Court to seek to overturn their convictions.
Last month the Court of Appeal dismissed an appeal which had been referred to it by the Criminal Cases Review Commission ([2024] EWCA Crim 304).
However, three senior judges today agreed with submissions made on the men’s behalf that a point of law of general public importance had been involved in the Court’s decision.
The certified point of law of general public importance focuses on the proper construction of the LIBOR and EURIBOR definitions.
Nine individuals have been convicted of crimes related to submission of LIBOR and EURIBOR rates over the past decade. Over this time the Court of Appeal’s Criminal Division has ruled on LIBOR/EURIBOR five times.
This is the first time the Court has certified that a point of law of general public importance is involved: a prerequisite for an appeal to the Supreme Court in such cases.
Ben Rose said: “I’m glad that we will be able to apply to the Supreme Court for permission to appeal in Carlo and Tom’s cases. The Court of Appeal have ruled on the construction of LIBOR and EURIBOR five times now, but this is the first time that the Court has certified that a point of law of general public importance is involved, thereby recognising that the Supreme Court may wish to consider it. I sincerely hope that the Supreme Court will take up this opportunity.”
Carlo Palombo is represented by Ben Rose and Tom Bushnell at Hickman & Rose, instructing Tim Owen KC, Katherine Hardcastle and Tim James-Matthews.
Tom Hayes is represented by Karen Todner, instructing Adrian Darbishire KC and Tom Doble.
