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NLJ this week: Supreme Court resets the rules on complex fraud trials

12 December 2025
Issue: 8143 / Categories: Legal News , Fraud , Financial services litigation , Procedure & practice
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Could the Supreme Court’s ruling in R v Hayes; R v Palombo unintentionally unsettle future complex fraud trials? Maia Cohen-Lask of Corker Binning explores the question in NLJ this week

The court condemned the ‘essential error’ of instructing juries on how to interpret definitions such as Libor, holding that interpretation was a matter of fact, not law, unless the document created legal obligations. But Cohen-Lask warns that this binary distinction may create practical confusion: Euribor fell within contractual obligations, while Libor did not, giving rise to inconsistent permissible directions.

With juries left to assess dishonesty in markets far outside ordinary experience, she suggests the decision may unintentionally widen jury discretion.

As the article notes, proposals to remove juries from complex fraud trials entirely now raise the stakes further, highlighting the fragility of judicial guidance in financial crime.

MOVERS & SHAKERS

Freeths—Ruth Clare

Freeths—Ruth Clare

National real estate team bolstered by partner hire in Manchester

Farrer & Co—Claire Gordon

Farrer & Co—Claire Gordon

Partner appointed head of family team

mfg Solicitors—Neil Harrison

mfg Solicitors—Neil Harrison

Firm strengthens agriculture and rural affairs team with partner return

NEWS
Conveyancing lawyers have enjoyed a rapid win after campaigning against UK Finance’s decision to charge for access to the Mortgage Lenders’ Handbook
The Crown Prosecution Service (CPS) has launched a recruitment drive for talented early career and more senior barristers and solicitors
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
A Competition Appeal Tribunal (CAT) ruling has reopened debate on the availability of ‘user damages’ in competition claims. Writing in NLJ this week, Edward Nyman of Hausfeld explains how the CAT allowed Dr Liza Lovdahl Gormsen’s alternative damages case against Meta to proceed, rejecting arguments that such damages are barred in competition law
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