Mon, 27 Oct 2025

Mon, 27 Oct 2025 City trader sues UBS for $400m after rate-rigging conviction quashed

Tom Hayes launches a legal claim against UBS, claiming he was the bank's "hand-picked scapegoat".
Former trader Tom Hayes, whose conviction was quashed after a 10-year legal battle, has launched a lawsuit against his former employer UBS. Hayes claims he was the bank's "hand-picked scapegoat" in the Libor scandal and is seeking $400m (£300m) in damages for malicious prosecution. According to the complaint filed in a US court, UBS misled US authorities and conducted a "fundamentally flawed" investigation to pin the blame on Hayes. The bank allegedly offered him up as a scapegoat to protect its senior executives and minimize regulatory fines. Hayes' lawyers claim that UBS gained control over the investigation and engineered his prosecution by making false and misleading disclosures. The original case against Hayes was brought by the Serious Fraud Office, but the UK Supreme Court quashed his conviction in July this year. In a statement, Hayes said: "It has taken me over a decade to overturn my wrongful conviction and clear my name. My life was ruined by the bank's actions - I lost my liberty and my marriage, missed out on my son's childhood, and my physical and mental health suffered terribly." Hayes is now seeking compensation for the harm caused by UBS' actions and hopes to make substantial donations to charities that seek to right miscarriages of justice.
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