UK regulator drops cases against Libor scandal traders after court ruling

(Reuters) -Britain's financial regulator said on Friday that it was dropping proceedings against Tom Hayes and revoking Carlo Palombo's ban from the financial service industry, after the country's top court overturned convictions of both former traders.

Hayes, the first trader ever jailed for interest rate rigging, became the face of the global Libor scandal. He challenged his conviction at the Supreme Court, along with Palombo, a former Barclays trader who was found guilty in 2019 of manipulating Euribor, Libor’s euro equivalent.

The Financial Conduct Authority (FCA) said it would take no further action against either individual.

(Reporting by Shanima A in Bengaluru; Editing by Tasim Zahid)