Four traders are appealing to reverse their rate-rate defects after leaving two rate-ring cases on Wednesday.
J. Merchant, Jonathan Matthew, Philip Moriussef, and Christian Bitter are demanding acquit Treacists win Tom Hes and Carlo Palombbo,
All traders were convicted of manipulating the interest rates used for loans between banks, known as Libor in the UK, a issue at the center of the 2008 financial crisis.
Law firm Hikman and Rose said, “To reduce the faults of Tom Hayes and Carlo Palombbo tomorrow, all our four customers now intend to appeal against their culprits,” said Law firm.
“In those circumstances, they do not intend to comment further at this time,” the firm said.
Four convicts came after an investigation from the serious fraud office whether the traders were manipulating Libor for profit.
After the financial crisis in Libor 2008, the allegations of wrongdoing have focused and now it has been closed, while its European counterpart Uribor is being improved.
Because the Supreme Court has now ruled in favor of Mr. Hayes and Mr. Palombbo, there is a possibility of an appeal of four traders. A more direct process than Mr. Hayes and Sri Palombbo that argued their case for years,
The Serious Fraud Office on Thursday refused to comment on the appeal of four traders.
However, it was stated in response to the verdict in the case of Mr. Hayes and Shri Palombbo on Wednesday that it “considered this decision and full circumstances carefully and determined that it would not be in public interest for us to seek a return”.
The Libor scam surfaced in 2012, when it was discovered that banks were artificially raising rates for business gains and after an outbreak of global financial crisis, to face them to face them.
However, in 2023, BBC highlighted evidence of a very large, state -led “rigging” of interest ratesDuring the financial crisis under pressure from central banks and governments worldwide.
Mr. Hayes and Mr. Palombbo argued that they were misunderstood for general commercial practices to appeal to public anger towards banks on the financial crisis.
