Tom Hayes Sues UBS for $400mn
Tom Hayes, the first banker jailed over the Libor interest rate scandal, has launched a $400mn lawsuit against his former employer UBS, claiming he was a “handpicked scapegoat” used by the Swiss bank to shield itself from scrutiny.
UBS gained control over the investigation into its own alleged misconduct and ran a fundamentally flawed probe to shift blame.
The case, filed in a US court in Connecticut, accuses UBS of misleading US regulators by wrongly branding Hayes the “evil mastermind” of Libor manipulation.
His lawyers allege that UBS used Hayes as a scapegoat to avoid scrutiny.
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Author's summary: Tom Hayes sues UBS for $400mn over Libor claims.
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