On 27 January 2016, a jury at Southwark Crown Court acquitted defendants accused of conspiracy to defraud.
The Director of the SFO said “[t]he key issue in this trial was whether these defendants were party to a dishonest agreement with Tom Hayes [who was sentenced to 11 years imprisonment for offences related to setting LIBOR]. By their verdicts the jury have said that they could not be sure that this was the case. Nobody could sensibly suggest that these charges should not have been brought and considered by a jury”.
Despite the outcome of the trial, two further trials of individuals for offences relating to the manipulation of U.S. Dollar LIBOR and EURIBOR are scheduled to begin on 15 February 2016 and 4 September 2017, respectively.