The Court of Appeal (Criminal Division) has reduced the sentence of imprisonment handed down to Tom Hayes in relation to LIBOR rigging. Mr Hayes had been sentenced to 14 years’ imprisonment. The Court of Appeal considered that the judge had applied great care in reaching his original decision. It agreed the culpability was high and the harm serious and that a deterrent element was plainly required. However, it took the view that taking into account all the circumstances (in particular Mr Hayes’ age, his non-managerial position in the two banks, and his mild Asperger’s condition), that the overall sentence was longer than was necessary to punish the appellant and to deter others. Although it reduced this sentence, it stressed that conduct of this type, involving fraudulent manipulation of the markets, will result in severe sentences of considerable length which, depending on the circumstances, may be significantly greater than that imposed on Mr Hayes. (Source: Court Reduces LIBOR Rigging Sentence)