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After a decade-long legal battle that resulted in the quashing of his conviction for “rigging” interest rates, a former trader is now taking legal action against his former employer UBS. Tom Hayes, who was jailed in 2015 for manipulating interest rates used for interbank loans, had his conviction overturned in July by the UK Supreme Court on the grounds of unfairness. He has since filed a legal claim for malicious prosecution against UBS seeking $400m (£300m) in damages.
According to the legal filing in a US court, Hayes alleges that UBS deliberately orchestrated his downfall to shield its senior executives and minimize regulatory fines. The complaint accuses the global banking giant of misleading US authorities to portray Hayes as the “evil mastermind” behind the Libor scandal, thereby diverting attention from its own alleged misconduct. Hayes’ legal team claims that UBS manipulated the investigation to frame him for the misconduct, offering him up as a sacrificial lamb to authorities.
The original case against Hayes was brought by the Serious Fraud Office, resulting in his imprisonment for being the “ringmaster” of an international conspiracy to manipulate Libor and Euribor interest rates. Despite being released in 2021 and having charges dismissed in the US in 2022, it took the UK Supreme Court to finally clear his name. Hayes expressed his determination to hold UBS accountable for destroying his life, tarnishing his reputation, and causing immense personal and professional suffering.
The Libor scandal, which came to light in 2012, exposed the financial industry’s manipulation of key interest rates for profit during the global financial crisis. Banks were found to be artificially inflating or lowering rates to suit their trading positions. The scandal’s repercussions have been far-reaching, leading to legal actions against dozens of traders and the eventual phasing out of Libor after 2021. Despite the toll it took on his life, Hayes hopes to make substantial donations to charities dedicated to correcting miscarriages of justice if he wins his claim against UBS
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