Legal experts believe that the 11- year sentence meted out to Hayes will now represent a benchmark for similar crimes. Neill Blundell, head of fraud & investigations at Eversheds, said: “Most observers saw 14 years as too high. The benchmark of 11 years will give further encouragement to the Serious Fraud Office in its prosecution of other traders and great fear to those being prosecuted.” Commenting on the decision, Elly Proudlock at the UK white collar crime practice of international law firm WilmerHale, said: “A ruling to this effect would have had a profound impact, not only on the Libor trials that are underway and in the pipeline but also on the prosecution of dishonesty offences more generally.” Proudlock added that those awaiting trial on similar charges could probably take comfort in the sentence reduction, but noted that it was still high by UK standards and "has arguably raised the bar". In a statement issued through the Tom Hayes Support Group, Hayes said:
Yesterday I lost a battle to have my conviction in relation to Libor overturned. Whilst I am immensely disappointed with this result, I am relieved and grateful that the extremely long sentence imposed on me has been reduced.The judges hearing the appeal were the Lord Chief Justice John Thomas, head of the judiciary for England and Wales, Sir Brian Leveson – well-known for his role in the inquiry into media industry ethics – and Lady Justice Gloster.