Two traders jailed for rigging benchmark interest rates have had their convictions overturned by the Supreme Court.

Tom Hayes, 45, was handed a 14-year jail sentence – cut to 11 years on appeal – in 2015, which was one of the toughest ever to be imposed for white-collar crime in UK history.

The former Citigroup and UBS trader, along with Carlo Palombo, 46, who was jailed for four years in 2019 over rigging the Euribor interest rates, took their cases to the country’s highest court after the Court of Appeal dismissed their appeals last year.

The Supreme Court unanimously allowed Mr Hayes’ appeal, overturning his 2015 conviction of eight counts of conspiracy to defraud by manipulating Libor, a now-defunct benchmark interest rate.

Ex-vice president of euro rates at Barclays bank Mr Palombo’s conviction for conspiring with others to submit false or misleading Euribor submissions between 2005 and 2009 was also quashed.

Mr Hayes, who served five and a half years in prison before being released on licence in 2021, described the “incredible feeling” after the ruling.

“My faith in the criminal justice system at times was likely destroyed and it has been restored by the justices from the Supreme Court today and I think it’s only right that more criminal appeals should be heard at this level,” he said.

Both he and Mr Palombo have been described as “scapegoats” for the 2008 financial crisis, but Mr Hayes said: “We literally had nothing to do with it.”

A spokesperson for the Serious Fraud Office (SFO), which opposed the appeals, said it would not be seeking a retrial.

In 2012, the SFO began criminal investigations into traders it suspected of manipulating the Libor and Euribor benchmark interest rates.

Mr Hayes was the first person to be prosecuted by the SFO, which brought prosecutions against 20 people between 2013 and 2019, seven of whom were convicted at trial, two pleaded guilty and 11 were acquitted.

He had also been facing criminal charges in the US but these were dismissed after two other men involved in a similar case had their convictions reversed in 2022.

Mr Hayes, a gifted mathematician who is autistic, was described at his Southwark Crown Court trial as the “ringmaster” at the centre of an enormous fraud to manipulate benchmark interest rates and boost his own six-figure earnings.

He has always maintained that the Libor rates he requested fell within a permissible range and that his conduct was common at the time and condoned by bosses.

Mr Hayes and Mr Palombo argued their convictions depended on a definition of Libor and Euribor which assumes there is an absolute legal bar on a bank’s commercial interests being taken into account when setting rates.

The panel of five Supreme Court justices found there was “ample evidence” for a jury to convict the two men if it had been properly directed.

But in an 82-page judgment, Lord Leggatt said jury direction errors made both convictions unsafe, adding: “That misdirection undermined the fairness of the trial.”

Lawyers representing Mr Hayes and Mr Palombo said the ruling could open the door for the seven others found guilty to have their convictions overturned and that there were grounds for a public inquiry.

Two people have died and two are seriously injured after a shooting in County Fermanagh, Northern Ireland.

Police have cordoned off the scene in the village of Maguiresbridge, about 75 miles (120km) southwest of Belfast.

“We can advise there is no ongoing risk to the public,” a Police Service of Northern Ireland spokesperson said.

There was no mention of a motive behind the shooting, but Jemma Dolan, a member of the Northern Ireland Assembly from the area, called it “a domestic incident” in a post on social media.

Emergency services were called to the shooting in the Drummeer Road area of the village at 8.21am on Wednesday, a spokesperson for the Northern Ireland Ambulance Service said.

They confirmed that two people have been injured.

“Following assessment and initial treatment at scene, one patient has been taken to the Royal Victoria Hospital, Belfast, by air ambulance and another to South West Acute Hospital by ambulance,” the spokesperson added.

Drummeer Road is currently closed, police said, warning that this could lead to delays on alternative roads.

Sinn Fein MP Pat Cullen has expressed her deep shock over the shooting, saying: “Firstly, my thoughts are with the victims and their families at this tragic time.

“I am in contact with the police around this ongoing situation. Police are currently at the scene of an incident outside Maguiresbridge and there are a number of road closures while they carry out their investigations.”

The Fermanagh and South Tyrone MP asked people “not to speculate on the details of this tragic and shocking incident”.

DUP MLA Deborah Erskine, who represents the area in the Northern Ireland Assembly, said that the community was “stunned” by the shooting in “a rural, quiet area.”

“Everyone is deeply affected by what has happened this morning,” she said.

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Diana Armstrong, MLA for Fermanagh and South Tyrone, called the shooting “heartbreaking and distressing”.

“The loss of life and the serious injuries reported have shocked the local community,” she said in a statement on X.

“My thoughts are with the families of those affected and with everyone in the community as they come to terms with this tragedy.”

“You’ve no idea how I feel – thank you from the bottom of my heart,” an emotional Ozzy Osbourne told fans as he performed from a throne on stage at his beloved Villa Park, reunited with Black Sabbath, less than three weeks ago.

It was an exit on his own terms by heavy metal’s biggest character, with a supporting line-up of hard rock luminaries including Slayer, Metallica and Guns’n’Roses, all inspired by his music.

With Black Sabbath, Osbourne was at the forefront of heavy metal. As Ozzy, he was one of the biggest rock stars in the world. Nowhere was this more evident than at the Back To The Beginning in his home city, where 40,000 fans gathered to see the show billed as his “final bow”.

“Without Sabbath, there would be no Metallica,” frontman James Hetfield told the crowd in Birmingham.

It was a sentiment echoed by many of the other acts who performed on stage. Announced by his wife Sharon earlier this year, the show was a chance for the performer to reunite with Black Sabbath and say thank you and farewell to fans after years of health problems, including Parkinson’s disease, which had forced him to cancel recent tour shows.

Other celebrities, from Sir Elton John to Dolly Parton, sent video messages of support. Fans knew it would be his last performance, but could not have known his death, at the age of 76, would come so soon.

It was a truly metal goodbye.

‘I think there’s a wild man in everybody’

John Michael Osbourne was born in Solihull in December 1948 and grew up in the Aston area of the West Midlands city.

As a teenager, he was bullied at school. Drink and drugs later became a way to escape his fears, he said in interviews, and after leaving school at 15, he worked several jobs, including labouring and in an abattoir.

It was hearing The Beatles, he said, that made him want to be a musician.

“I think there’s a wild man in everybody,” he says in a resurfaced interview clip. “Ozzy Osbourne and John Osbourne is two different people. John Osbourne is talking to you now.” His eyes widen a little manically, he grins, the voice cranks up. “But if you want to be Ozzy Osbourne, it’s like… it just takes over you.”

In 1967, he was recruited to the band that two years later would become Black Sabbath, inspired by a film of the same title. This was a line-up of four working-class schoolfriends – Tony Iommi, Bill Ward and Geezer Butler, alongside Ozzy – who twisted heavy blues into something darker, creating a sound and otherworldly image that felt new, exciting and rebellious.

A self-titled debut album was released in 1970 and made the Top 10 in the UK. The follow-up, Paranoid, released just seven months later, topped the charts after the single of the same name became their big breakthrough. The album also included the unforgettable Iron Man and the anti-war protest song War Pigs – its unmistakeable riff inspiring the Arctic Monkeys’ 2014 single, Arabella.

Black Sabbath went on to release six more albums with Osbourne at the helm before he was fired in 1979 due to his drinking and substance use, something he claimed was no better or worse than other members at the time.

In 1980, he returned with his debut solo album, Blizzard Of Oz, and the lead single Crazy Train. As a solo artist, he went on to release 13 studio albums – the last being Patient Number 9, in 2022 – and had hits with songs including Mr Crowley, Diary Of A Madman, No More Tears, Bark At The Moon and Shot In The Dark.

His first UK number one was a re-recording of the Black Sabbath ballad Changes, as a duet with his daughter, Kelly, in 2003, and his collaborations over the years included everyone from Alice Cooper (Hey Stoopid in 1991) and Post Malone (Take What You Want in 2019) to, in a somewhat unusual move, Hollywood star Kim Basinger for a re-recording of the dance hit Shake Your Head by Was (Not Was) in 1992.

With Black Sabbath and as a solo star, he is estimated to have sold 100 million records throughout his career – for context, this is reportedly on a par with Sir Paul McCartney’s solo sales – so the numbers speak for themselves.

Biting the bat

Osbourne was also a huge personality and played up to his hellraising image – the Prince of Darkness.

The most famous Ozzy story goes like this.

The singer was on stage in Des Moines, Iowa, 1982, when the bat appeared. He assumed it was a toy. So, like any good hellraiser would do, he bit its head off.

For more than 40 years, he found himself jokily fielding questions about bats. What do they taste like? (Salty). What happened afterwards? (Headline news, painful rabies shots). Do you have any pets? (Yes. They’re all dead).
“I get a lot of weird people at my concerts,” he told David Letterman in 1982, of how the animal came to appear in front of him. “It’s rock ‘n’ roll, y’know”.

He was sometimes irritated by the bat connection. But he also played up to the image, recounting the story in interviews, offering plush bat toys among his merch, and appearing as himself, biting a bat, in the 2000 Adam Sandler comedy Little Nicky, about the son of Satan.

Known for catapulting raw meat at fans during gigs, there were plenty of other tales of darkness and debauchery. Osbourne’s wild persona and on-stage theatrics always went hand-in-hand with the music.

From Prince of Darkness to reality TV

He was famously managed by his wife, Sharon, whom he first met when her dad, Don Arden, was managing Black Sabbath. As well as the music, Sharon and Ozzy together founded the Ozzfest festival tours in 1996 – and in 2002 came his second act.

It’s hard to imagine it now, but before the perfectly coiffed Kardashians it was a scruffy 50-something rocker from Birmingham and his family who ruled the Hollywood reality TV scene. As with his music, he was a pioneer – this time round of a new era of addictive viewing.

The Osbournes followed the lives of Ozzy and Sharon and two of their children, Kelly and Jack (their eldest daughter, Aimee, famously had nothing to do with the show), and the family fallouts and sunny California culture clash proved to be a ratings winner. The MTV series catapulted the metal star to global mainstream celebrity heights.

His marriage to Sharon was tumultuous but the pair always stayed together, and they renewed their wedding vows in 2017. Sharon was the driving force behind Ozzy’s successes, to him eventually getting clean, and behind his farewell show.

Despite weathering the storm of drink and drug use, Osbourne’s air of indestructibility was challenged when a quad bike accident left him with a broken collar bone and ribs, as well as short-term memory loss, in 2003.

The 2020 documentary Biography: The Nine Lives Of Ozzy Osbourne, had summed up with its title the performer’s seeming ability to defy the odds. However, the health problems started to mount up. Scheduled tours were postponed, and in 2023 he told fans holding on to tickets that he had come to the realisation he was “not physically capable” of dealing with life on the road.

But there was one gig he couldn’t miss – a surprise appearance to close the Commonwealth Games in his home city in 2022, just weeks after undergoing surgery.

Now, fans will remember the shows they did get to see, the music that ushered in a new genre – and especially his most recent gig, which was said to have raised around £140m for charities. Just a few days afterwards, his new memoir, Last Rites, was announced. It will be released in October.

During his career, Osbourne was inducted into the UK Music Hall of Fame and the US Rock And Roll Hall Of Fame – twice for both, with Black Sabbath and as a solo artist. “Countless artists from many genres have credited Ozzy as a major influence, including Metallica, Lita Ford, Rage Against The Machine, and Busta Rhymes,” reads his US citation. “With his longevity, impact, and iconic persona, Ozzy Osbourne is a phenomenon unlike any other.”

He also has a star on the Hollywood Walk Of Fame – as well as in Birmingham’s Broad Street – an Ivor Novello, and five Grammy wins from 12 nominations.

But other honours, such as the NME’s Godlike Genius award, and Classic Rock’s Living Legend, also give a sense of how much his personality played a part in why he is so beloved by fans and critics alike. In the Nine Lives documentary, daughter Kelly describes him as “the most irresistible mad man you will ever meet in your life”.

Osbourne’s was an unlikely journey from Birmingham to LA. He was a working-class hero of heavy metal, a reality TV favourite – forever the Prince of Darkness.

“People say to me, if you could do it all again, knowing what you know now, would you change anything?” he once said. “I’m like, f*** no… If I’d done normal, sensible things, I wouldn’t be Ozzy.”