Summary
A trader named Tom Hayes is suing UBS for $400 million, claiming the bank wrongly blamed him for interest rate manipulation during the 2008 financial crisis. Hayes's conviction was recently overturned by the UK Supreme Court after they found it unfair. He alleges UBS misled authorities to protect its own executives and minimise fines.
Key Facts
- Tom Hayes was originally jailed in 2015 for manipulating interest rates known as Libor and Euribor.
- The UK Supreme Court overturned his conviction this year, calling it unfair.
- Hayes is suing UBS for malicious prosecution and seeks $400 million in damages.
- He claims UBS used him as a "scapegoat" to protect senior executives.
- The legal filing states that UBS conducted a "flawed" investigation to blame Hayes.
- The Libor scandal in 2012 revealed banks manipulated interest rates for profit.
- In the US, Hayes's alleged conduct is no longer considered a crime after a legal ruling.
- Hayes's lawsuit aims to hold UBS accountable for damaging his life and career.
