The former UBS trader convicted to 14 years in jail because of his manipulation of the Libor had his sentence reduced at the Royal Courts of Justice in London.
Tom Hayes, a former trader at UBS found guilty of manipulating the Libor rate, had his sentence cut to 11 years from 14 years, a verdict the court said was too harsh given the non-managerial position of Hayes and his mild Asperger's condition, «Bloomberg News» reported.
The judges sentencing Hayes in the summer knew about the condition of the ex-trader but didn't take it into consideration to the same degree as the Royal Courts of Justice on Monday. Hayes in August was found guilty of eight counts of conspiracy to defraud.
More to Come
More than a dozen bankers are to stand trial for manipulating the rate in the coming months and they will have watched Monday's ruling closely.
«Those currently standing or awaiting trial on similar charges may be feeling slightly comforted by the reduction in Hayes’s sentence,» Elly Proudlock, a London-based lawyer, told «Bloomberg News».
