Rachel Clun
Business reporter, BBC News
PA Media
Carlo Paombo, left, and Tom Hayes appealed their convictions in the Supreme Court
Two former City traders who were at the centre of one of the biggest scandals of the financial crisis have had their convictions quashed.
Tom Hayes and Carlo Palombo were jailed following trials for manipulating the interest rates used for loans between banks.
They were among 19 City traders convicted in the US and UK for manipulating those Libor and Euribor interest rates, which are used to set interest rates on mortgages and commercial loans.
After serving their time, the US courts threw out the convictions, but they remained convicted criminals in the UK.
English (US) ·