Tom Hayes, the former bank trader convicted of global interest-rate-rigging, won a reduction of his prison sentence on December 21 from 14 to 11 years but failed in an appeal to overturn his conviction.

A London appeals court said the 14-year sentence "was longer than was necessary" to punish Hayes and deter others from wrongdoing, but rejected arguments by Hayes's lawyers that Judge Jeremy Cooke had made legal errors in handling the case.