First banker jailed over Libor interest rate rigging to sue UBS for $400m

Former Libor Conspirator Sues UBS for $400m Over Alleged Scapegoating

Tom Hayes, the first banker to be jailed over the infamous Libor rate-rigging scandal, is now taking a new step in his fight for justice. In a shocking move, Hayes has filed a $400 million lawsuit against his former employer, UBS, claiming he was unfairly targeted as a "hand-picked scapegoat" to avoid regulatory scrutiny.

Hayes's allegations come after five and a half years of an 11-year prison sentence, which he served for allegedly being a ringleader in the massive Libor scandal. However, during his original trial, Hayes maintained that he was participating in an industry-wide practice and blamed regulators for making him a scapegoat.

Now, Hayes is seeking recompense for the suffering he claims to have endured as a result of his wrongful conviction. He is suing UBS for "malicious prosecution" and alleges that the bank conducted a flawed investigation to pin the blame on him.

Hayes's decision comes months after the UK Supreme Court overturned a decade-old ruling against him in July, citing faults in the original trial. The court determined that Hayes was deprived of a fair trial due to inaccurate and unfair instructions from the judge. However, it also stated that there was "ample evidence" that could have led to his conviction if properly presented.

Hayes's lawyers are now seeking justice for their client, who claims UBS destroyed his reputation and career as part of a deliberate attempt to avoid fines and protect senior executives. The former banker has described the experience as having ruined his life, causing him to lose his liberty, marriage, and even miss out on seeing his child grow up.

Hayes's lawsuit will now proceed to trial, where he plans to present his case against UBS's conduct in relation to the scandal. As one of the most high-profile cases to emerge from the Libor scandal, this latest development is likely to shed more light on the controversy surrounding Hayes's original conviction and the actions of his former employer.

Come on guys, can't we just focus on justice here? Tom Hayes is just trying to clear his name after already serving 11 years in prison for a crime he didn't think was that bad. Now he's being sued by UBS for $400m and it's not fair! The bank's been found guilty of some shady stuff, but they're just passing the buck now? Not cool, guys. Let's hope Hayes gets the justice he deserves and can finally move on with his life...

TBH I think its wild that someone like UBS is being sued for $400m over a scandal that happened 10+ years ago . I mean, I get why Tom Hayes wants to fight back and clear his name, but its gonna be super hard to prove that UBS actively tried to ruin him... or did they just try to take the heat off their own people? The whole thing is pretty shady if you ask me

I think it's pretty wild that Tom Hayes is suing UBS for $400m over being a scapegoat in the Libor scandal. I mean, we all know how serious those allegations were back in the day, but this just seems like another way for him to get some closure and reparation after serving an 11-year prison sentence

But what's really interesting here is that his original trial was overturned by the UK Supreme Court due to issues with the judge's instructions. That raises so many questions about the integrity of the justice system and how it can be affected by human error or bias

On a more practical level, if Hayes does win this lawsuit, it could potentially set a precedent for other former Libor executives who were also wrongly convicted and scapegoated. But at the end of the day, it's up to UBS to prove that they didn't do anything wrong and that Hayes was indeed unfairly targeted

This is just great - another scumbag trying to cash in on being a scapegoat. Like he didn't get off with 11 years of hard time for his part in all this... $400m sounds like a pretty sweet payday to me . And good luck getting it, Tom, because I'm sure UBS has a team of lawyers who will just eat you up like the incompetent fools they are . Mark my words, this is just another case of someone trying to salvage their own sorry arse and it's gonna end in tears for Hayes

TBH I'm shocked that it took a court order for UBS to admit there was a problem with their investigation . $400m lawsuit seems like a lot, but considering what he went through 5.5 yrs in prison without being able to fully defend himself, I can see why he's seeking this kinda compensation .

Here are some stats on Libor scandal:

* Over 200 banks and financial institutions were involved
* Over $10 trillion was moved globally as a result of the rate-rigging scandal
* Average time taken for whistleblowers to come forward? 3-4 years

Looks like Hayes's decision is gonna be interesting... will UBS admit any wrongdoing?

This whole thing just smells like a cover-up. I mean, 5.5 years in prison for participating in an industry-wide practice? That's some crazy BS right there. And now Tom Hayes is suing UBS for $400m claiming they made him the "hand-picked scapegoat" to avoid scrutiny... sounds legit to me . If they wanted to avoid fines, why didn't they just take responsibility and cooperate with regulators instead of trying to pin it all on one guy? It's like they were trying to create a straw man to distract from their own wrongdoing .

I'm totally with Tom Hayes on this one! It's outrageous that he's being sued for $400m by UBS after already serving 5.5 years in prison. I mean, the guy was just trying to do his job and didn't even get a chance to present his side of the story properly during the trial. The fact that he's now being accused of "malicious prosecution" just shows how unfair it all is.

And can we talk about how this case highlights the corrupt practices of the banking industry? I mean, if UBS thought they could just pin the blame on one guy and avoid any real consequences, they were totally wrong. Hayes has already lost so much - his marriage, his liberty, even missing out on seeing his kid grow up... it's heartbreaking.

Anyway, I'm all for justice now! Let's see how this trial plays out and hopefully it'll bring some accountability to UBS and the rest of the banking world

This whole thing is just crazy ... like, Hayes was already serving an 11-year sentence for something he might've been guilty of, but now he's saying UBS made him a scapegoat? I don't know if I believe it, but at the same time, I can see why he'd want to sue them - $400m is a lot of money ... and it sounds like his original trial was pretty flawed. The fact that the UK Supreme Court overturned the ruling is definitely interesting ... maybe this whole thing will get sorted out eventually. It's just sad that Hayes had to go through all this, losing so much of his life in the process . UBS should definitely be held accountable for their actions though

I'm really surprised by this news . Tom Hayes was already convicted for his part in the Libor scandal, but now he's suing UBS for $400m claiming they made him a scapegoat . It seems like a pretty standard practice in banking, but I guess that doesn't matter when you're caught red-handed .

I feel bad for Hayes though, who has clearly lost his liberty and reputation over this whole thing . If he is indeed innocent, it's outrageous that UBS didn't just take responsibility and apologize instead of trying to deflect the blame . I'm curious to see how this trial goes down .

It's also interesting that the UK Supreme Court overturned a decade-old ruling against him in July . Maybe there was some wrongdoing by regulators or judges that we don't know about yet . Time will tell if Hayes wins his case and gets the justice he deserves .

OMG , can you even believe this?! Tom Hayes, the guy who got wrongly convicted for his part in the Libor scandal, is now coming after UBS for $400m ! I mean, I'm all for justice and all that, but $400m is like, crazy talk . But seriously, it's messed up that he was allegedly made a scapegoat to avoid scrutiny . The fact that the UK Supreme Court overturned his original conviction in July is proof enough that something fishy went down, imo . Hayes has had to deal with so much already – losing his liberty, marriage, and missing out on seeing his kid grow up – it's just not fair . I'm all for him fighting for justice now , but let's be real, this is a long shot . Fingers crossed he gets some semblance of closure and compensation though .

I cant believe u think ubs would just sit back & let tom hayes take them down for $400m . i mean dont get me wrong, the guy did go through hell in that libor scandal but $400m? thats like asking them to pay off the entire british economy! what if they did have an investigation and ubs came out on top? wouldnt that be a different story?

I think it's super unfair that Tom Hayes got caught up in the Libor scandal and was made a scapegoat for UBS. They basically said he was the ringleader, but now we know there were bigger fish to fry. He's like "hey, I did my job, but you're trying to get me"

So, they messed up his trial, and now he's gonna sue them for it? Like, yeah, that makes sense UBS got a lot of heat from regulators, so why not take out their frustrations on one guy? I feel bad for Hayes, though. He lost everything: marriage, child... just life

The thing is, it's not like he didn't make mistakes either but come on, you gotta be realistic about the whole situation. It was a big scandal, and UBS got caught up in it. I don't think they can really say "we had no part" in all this

[Simple ASCII art of a scale tipping against UBS]

I'm like totally torn about this... I mean, I feel so bad for Tom Hayes, but at the same time, I don't know if he's being 100% honest . Like, I get it, he was scapegoated and all that, but wasn't he also kinda involved in the Libor scandal? I mean, he took a 11-year sentence, dude! That says something, right? But on the other hand, I'm so angry about the whole system failing him... UBS got off scot-free and now they're just trying to cover their tracks again . It's like, what even is justice anymore? Maybe Hayes is just trying to get some revenge, who knows?