Former Libor Trader Seeks $400m from UBS for Alleged Wrongful Conviction and Malicious Prosecution
The first banker to be jailed over the infamous Libor rate-fixing scandal, Tom Hayes, has filed a lawsuit against his former employer UBS in a US court seeking $400m (£300m) in compensation. The claim, which was publicly filed on Monday, accuses UBS of orchestrating a smear campaign against Hayes in order to protect its senior executives and minimize regulatory fines.
Hayes spent five and a half years in prison for allegedly being the ringleader of a massive conspiracy to manipulate the London Interbank Offered Rate (Libor) between 2006 and 2010. However, he has consistently maintained his innocence and argued that regulators unfairly targeted him as part of an "industry-wide" practice.
The wider Libor scandal led to billions of dollars in fines for dozens of financial institutions, but Hayes believes he was unfairly scapegoated by UBS to avoid accountability from senior executives and minimize penalties. He claims that the bank conducted a flawed investigation and misled US authorities in order to pin the blame on him.
This is not the first time Hayes has sought justice against UBS. In July, the UK Supreme Court overturned his decade-old conviction due to errors in the original trial, but stopped short of exonerating him entirely. The court ruled that while there was evidence to support his guilt, the jury was not properly directed, rendering the convictions "unsafe and unsound."
Hayes's lawsuit against UBS seeks damages for what he claims was malicious prosecution and a destruction of his reputation and career. He also alleges that UBS's actions led to personal tragedy, including the loss of his liberty, marriage, and son's childhood.
The case is set to be heard by a jury, who will scrutinize UBS's conduct in relation to the alleged wrongful conviction and malicious prosecution.
The first banker to be jailed over the infamous Libor rate-fixing scandal, Tom Hayes, has filed a lawsuit against his former employer UBS in a US court seeking $400m (£300m) in compensation. The claim, which was publicly filed on Monday, accuses UBS of orchestrating a smear campaign against Hayes in order to protect its senior executives and minimize regulatory fines.
Hayes spent five and a half years in prison for allegedly being the ringleader of a massive conspiracy to manipulate the London Interbank Offered Rate (Libor) between 2006 and 2010. However, he has consistently maintained his innocence and argued that regulators unfairly targeted him as part of an "industry-wide" practice.
The wider Libor scandal led to billions of dollars in fines for dozens of financial institutions, but Hayes believes he was unfairly scapegoated by UBS to avoid accountability from senior executives and minimize penalties. He claims that the bank conducted a flawed investigation and misled US authorities in order to pin the blame on him.
This is not the first time Hayes has sought justice against UBS. In July, the UK Supreme Court overturned his decade-old conviction due to errors in the original trial, but stopped short of exonerating him entirely. The court ruled that while there was evidence to support his guilt, the jury was not properly directed, rendering the convictions "unsafe and unsound."
Hayes's lawsuit against UBS seeks damages for what he claims was malicious prosecution and a destruction of his reputation and career. He also alleges that UBS's actions led to personal tragedy, including the loss of his liberty, marriage, and son's childhood.
The case is set to be heard by a jury, who will scrutinize UBS's conduct in relation to the alleged wrongful conviction and malicious prosecution.
I'm so on Team Tom Hayes here! Like, can't believe he's been through all that for something he didn't even do 
! The Libor scandal was a huge deal, but I always thought it was a bit fishy how they went after just one guy. UBS is trying to spin this like it's not their fault, but I think we know the truth 
. Hayes has been through hell and back - five and a half years in prison? That's mental 
. He deserves every penny of that $400m 
I'm so done with these lawsuits that just seem to be about rich people throwing money around 
. Like, Tom Hayes spends 5.5 years in prison and now he wants $400m from UBS? That's some crazy math right there 
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. This is just going to add more complexity and cost to the already convoluted Libor scandal mess 
. And what about all the people who were actually affected by the rate-fixing? Don't they deserve some justice too? 
. It's like, you made some bad calls, own up to it, or at least try to make amends, but instead he's going after the bank for $400m 
Hayes has always maintained his innocence, but I guess you can't fight city hall... or in this case, the big banking machine 
. It's not like UBS is exactly innocent either, they've clearly done some shady stuff to avoid accountability. The fact that the UK Supreme Court overturned his conviction due to errors in the trial is just another example of how flawed the system can be 
it was like a wild west for bankers. They thought they were above the law just 'cause of who they were and what they did. But now that the dust has settled, it's clear the ones at the top got off scot-free while those lower down took the hit.
one minute you're living the high life, next minute you're rotting in jail for something you didn't do. And now he's fighting back, seeking justice and compensation. I hope that jury sees it his way this time around! 
. I swear it was like we had a staring contest or something. Anyway, Tom Hayes's story is crazy - 5.5 years in prison over Libor? That's just wild. And now he's seeking $400m from UBS... that's insane! You'd think they'd have some accountability for the way they handled him and his family 
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! I mean, Tom Hayes spent half his life behind bars for allegedly being part of a massive Libor conspiracy, but it turns out he might've been framed by UBS to avoid taking the fall themselves 
. And now he's getting $400m in compensation? That's still a fraction of what they probably made off the scandal 
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they're trying to cover their own butts and now hayes is seeking $400m in damages 
. I hope he gets his $400m back and more importantly, his sanity back 