header-logo header-logo

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
printer mail-detail
238287
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

NLJ Career Profile: Ben Daniels, DAC Beachcroft

NLJ Career Profile: Ben Daniels, DAC Beachcroft

Ben Daniels, newly elected as the next senior partner of DAC Beachcroft, reflects on his leadership inspiration and considers an impish alternative career

Osbornes Law—Lee Henderson

Osbornes Law—Lee Henderson

Family team bolstered by latest partner hire

Freeths—Graeme Danby & John Jeffreys

Freeths—Graeme Danby & John Jeffreys

Firms strengthens national restructuring and insolvency practice with leadership appointments

NEWS
In NLJ this week, Ian Smith, emeritus professor at UEA, explores major developments in employment law from the Supreme Court and appellate courts
Writing in NLJ this week, Kamran Rehman and Harriet Campbell of Penningtons Manches Cooper examine Operafund Eco-Invest SICAV plc v Spain, where the Commercial Court held that ICSID and Energy Charter Treaty awards cannot be assigned
Professor Dominic Regan of City Law School highlights a turbulent end to 2025 in the civil courts, from the looming appeal in Mazur to judicial frustration with ever-expanding bundles, in his final NLJ 'The insider' column of the year
Antonia Glover of Quinn Emanuel outlines sweeping transparency reforms following the work of the Transparency and Open Justice Board in this week's NLJ
In Ward v Rai, the High Court reaffirmed that imprecise points of dispute can and will be struck out. Writing in NLJ this week, Amy Dunkley of Bolt Burdon Kemp reports on the decision and its implications for practitioners
back-to-top-scroll