UBS: Former LIBOR Trader Tom Hayes Seeks $400 Million
Tom Hayes, a former UBS trader, has filed a $400 million lawsuit against the Swiss bank in the United States.
He accuses the bank of malicious prosecution and scapegoating him after the financial crisis, claiming UBS misled U.S. authorities and offered him to prosecutors to shield senior management and reduce regulatory penalties.
UBS portrayed Hayes as the "evil mastermind" behind alleged misconduct, even though he had acted with the knowledge and encouragement of superiors and in line with prevailing industry practice at the time.
Hayes' conviction for LIBOR manipulation was overturned this year. UBS was among the first global banks investigated over the manipulation of interbank benchmark rates after 2008.
Author's summary: Tom Hayes sues UBS for $400 million over LIBOR scandal.
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