Why were City traders' convictions quashed and what happens next?

Former City traders Tom Hayes and Carlo Palombo had their rate-rigging convictions overturned by the UK's Supreme Court, ending a 10-year legal battle. They were part of 37 traders prosecuted for manipulating Libor and Euribor benchmarks, linked to borrowing costs. The Supreme Court ruled their trials were unfair, with incorrect jury directions, leading to unsafe convictions. The Serious Fraud Office stated it would not seek a retrial, marking a significant development in this long-running case.