US EditionExonerated trader Tom Hayes sues UBS for $400 million over Libor accusations
- On Monday, Tom Hayes filed a malicious prosecution complaint in the US Superior Court in Connecticut, accusing UBS of wrongdoing and seeking $400m in damages.
- In July this year the UK Supreme Court quashed Tom Hayes's 2015 conviction after judges found trial misdirection made the convictions unsafe.
- According to the filing, Hayes's legal team says UBS misled US authorities, controlled the investigation, and "offered Hayes up on a silver platter" to shift blame.
- Hayes says his life was ruined, noting he lost his liberty, marriage, and health, and seeks compensation claims, stating `Nothing can give me back those lost years, or make up for the stress and trauma exacted on me and those close to me`.
- The Libor scandal, which involved 19 City traders and 37 charged in nine trials, distorted borrowing costs and prompted reforms as Supreme Court judges warned courts struggle to correct errors.
18 Articles
18 Articles
Tom Hayes sued the Grand Bank for damages of $400 million. The dealer became the face of the Libor scandal. In the summer, the Supreme Court in London lifted his sentence.
Exonerated trader Tom Hayes sues UBS for $400 million over Libor accusations
Tom Hayes, the former trader who was a face of the global Libor-rigging scandal before his conviction was overturned in July, sued his former employer UBS for more than $400 million, saying the Swiss bank cast him as the "evil mastermind" of the scandal to shield itself.
Evening Standard
perspectivemedia.comFormer trader who had conviction quashed sues ex-employer for more than £300m
Ex-Citigroup and UBS trader Tom Hayes was jailed for 14 years after his conviction in 2015.
Tom Hayes Sues UBS in US for Handing Him to Prosecutors on a ‘Silver Platter’
Tom Hayes, the former star UBS Group AG trader who became the face of the Libor rigging scandal, sued his former employer accusing it of handing him over on a “silver platter” to global prosecutors in order to protect the bank and its senior leadership.
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