Britain’s Supreme Court has overturned the criminal convictions of former traders Tom Hayes and Carlo Palombo, ruling that juries in their separate trials were misdirected on key legal questions. The unanimous decision voids Hayes’ 2015 conviction for manipulating the London Interbank Offered Rate (Libor) and Palombo’s 2019 conviction for rigging its euro equivalent, Euribor. Hayes, once a star at UBS and Citigroup, was the first person jailed for interest-rate rigging and served five-and-a-half years of an 11-year sentence. Palombo, a former Barclays vice-president, had been sentenced to four years. The court said both men were deprived of a fair assessment of whether banks could legally factor commercial interests into rate submissions, rendering the verdicts “unsafe.” The Serious Fraud Office, which led the prosecutions, said it will not seek a retrial. The ruling is expected to trigger challenges to other Libor-era convictions secured during a crackdown that followed the financial crisis. The benchmark scandal, which touched contracts worth an estimated $400 trillion, generated more than $9 billion in fines for banks and brokers worldwide.