\n<\/p>\n
Tom Hayes, the first banker jailed over Libor interest rate rigging, is suing his former employer UBS for $400m (\u00a3300m), claiming he was a \u201chand-picked scapegoat\u201d for the Swiss bank as it tried to avoid regulatory scrutiny.<\/p>\n
The claim, which was publicly filed in a US court in Connecticut on Monday, alleges that UBS misled US authorities and called him an \u201cevil mastermind\u201d behind the alleged Libor scandal, in order to protect senior executives and minimise fines.<\/p>\n
Hayes spent five and a half years of an 11-year term in prison after he was accused of being a ringleader in a vast conspiracy to fix the now defunct London Interbank Offered Rate (Libor), which was used to price trillions of pounds worth of financial products, between 2006 and 2010.<\/p>\n
The wider scandal, which erupted in 2012, led to fines of almost $10bn for a dozen banks and brokerages. Hayes maintained his innocence and claimed during his original trial that he was taking part in an \u201cindustry-wide\u201d practice, accusing regulators of making him a scapegoat.<\/p>\n
Hayes is now seeking recompense for the suffering he says he faced as a result of his original ruling.<\/p>\n
He is suing UBS for \u201cmalicious prosecution\u201d, and says UBS conducted a \u201cfundamentally flawed\u201d investigation in order to pin the blame on Hayes.<\/p>\n
Efforts to sue UBS come months after the UK supreme court overturned a decade-old ruling against Hayes in July. That decision was based on faults in the original trial, with the original judge determined to have given \u201cinaccurate and unfair\u201d instructions to the jury that found Hayes guilty on charges of conspiracy to defraud. This meant the former banker was ultimately deprived of a fair trial.<\/p>\n
However, the supreme court judges stopped short of fully exonerating Hayes, saying there was \u201cample evidence\u201d that could have led a jury, if properly directed, to find him guilty. \u201cBut the jury was not properly directed,\u201d the ruling explained, adding: \u201cThe convictions are therefore unsafe and cannot stand.\u201d<\/p>\n
Commenting on the lawsuit against UBS, Hayes said: \u201cIt has taken me over a decade to overturn my wrongful conviction and clear my name. My legal team are now rightlyfully holding UBS to account for scapegoating me in order to save billions in fines and protect its senior executives.<\/p>\n
\u201cMy life was ruined by the bank\u2019s actions \u2013 I lost my liberty and my marriage, missed out on my son\u2019s childhood, and my physical and mental health suffered terribly. UBS also destroyed my reputation and career.\u201d<\/p>\n
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Sign up to Business Today<\/span><\/p>\n Get set for the working day \u2013 we’ll point you to all the business news and analysis you need every morning<\/p>\n Privacy Notice: <\/strong>Newsletters may contain information about charities, online ads, and content funded by outside parties. If you do not have an account, we will create a guest account for you on theguardian.com to send you this newsletter. You can complete full registration at any time. For more information about how we use your data see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.<\/span><\/p>\n after newsletter promotion<\/p>\n \u201cI look forward to putting my case in front of a jury to scrutinise UBS\u2019s conduct in relation to these tragic and unnecessary events,\u201d Hayes added in a statement.<\/p>\n UBS declined to comment.<\/p>\n","protected":false},"excerpt":{"rendered":" Tom Hayes, the first banker jailed over Libor interest rate rigging, is suing his former employer UBS for $400m (\u00a3300m), claiming he was a \u201chand-picked scapegoat\u201d for the Swiss bank as it tried to avoid regulatory scrutiny. The claim, which was publicly filed in a US court in Connecticut on Monday, alleges that UBS misled<\/p>\n","protected":false},"author":1,"featured_media":30981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[7435,5619,519,2695,5367,2434,5368,1335,18117],"class_list":{"0":"post-30980","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-400m","9":"tag-banker","10":"tag-interest","11":"tag-jailed","12":"tag-libor","13":"tag-rate","14":"tag-rigging","15":"tag-sue","16":"tag-ubs"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/30980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30980"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/30980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/30981"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}