Convictions of two city traders, Tom Hayes and Carlo Palombo, for manipulating interest rates have been overturned. Both men had previously been jailed for their roles in rate-rigging schemes. The reasons for the quashing of the convictions have not yet been fully disclosed but raise questions about the legal basis upon which the original prosecutions were founded. The case highlights the complexities and ongoing scrutiny surrounding financial market regulation and the prosecution of individuals involved in alleged misconduct within the banking sector.