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Tom Hayes, the previous British dealer jailed over the Libor rate of interest scandal, has filed a $400 million lawsuit towards UBS, alleging “malicious prosecution and corporate scapegoating” by his former employer, in response to courtroom paperwork seen by FOX Enterprise.
Hayes’ criticism was lodged Monday in a Connecticut Superior Courtroom and seems to accuse the Swiss banking large of intentionally framing him because the mastermind of the scandal to defend senior executives and cut back multibillion-dollar regulatory penalties.
Hayes alleges that UBS “intentionally directed the destruction of an innocent man’s life” by feeding deceptive data to U.Okay. and U.S. prosecutors with the intention to engineer his conviction.
In keeping with the criticism, by making Hayes the “perfect fall guy,” Hayes claims UBS prevented legal prosecution even because it paid $1.5 billion to settle U.S., U.Okay., and Swiss regulatory fees in December 2012, when Hayes was criminally charged, per Reuters.
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British ex-trader Tom Hayes recordsdata $400 million lawsuit towards UBS. (Reuters)
The method “was carefully stage-managed by UBS to control the narrative and steer attention away from senior executives,” the Oct. 23 criticism reads. “And like all good theater, UBS’s show had a hand-picked villain: Tom Hayes.”
Reuters additionally reported that on the identical day, Hayes filed one other related case towards UBS in a New York state courtroom in Manhattan.
In a press release accompanying the Connecticut swimsuit, Hayes stated: “It has taken me over a decade to overturn my wrongful conviction and clear my name. My legal team are now rightfully holding UBS to account for scapegoating me,” per Reuters.
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Tom Hayes launched authorized motion towards UBS on Monday, in search of $400 million in damages and alleging the Swiss financial institution made him the autumn man within the Libor rate-rigging scandal. (Reuters / Reuters Pictures)
Hayes’ declare reportedly seeks damages for reputational, skilled, and private losses arising from what he calls a “fundamentally flawed” inside investigation.
Hayes was arrested in 2012 amid a probe into the manipulation of the London Interbank Provided Fee (Libor), which is the benchmark underpinning trillions of {dollars} in loans and monetary merchandise worldwide.
On the time, prosecutors had stated that Hayes led efforts to nudge every day fee submissions to learn UBS’s buying and selling positions.
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Initially based in 1854 in Switzerland, UBS is a world monetary providers agency with operations across the globe. (iStock / iStock)
Hayes maintained his actions have been clear and carried out underneath administration supervision.
Hayes was convicted in 2015 and sentenced to 11 years in jail, however served greater than 5 earlier than his launch in 2021.
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The U.S. fees have been later dropped. The Libor scandal, which broke after the 2008 monetary disaster, resulted in almost $10 billion in fines towards world banks and in the end led to Libor’s phase-out in 2021.
FOX Enterprise reached out to UBS, who stated they declined to remark, in addition to Tom Hayes attorneys.
