Tom Hayes, the first banker jailed over Libor interest rate rigging, is suing his former employer UBS for $400m (£300m), claiming he was a “hand-picked scapegoat” for the Swiss bank as it tried to avoid regulatory scrutiny. Hayes is now seeking recompense for the suffering he says he faced as a result of his original ruling. He is suing UBS for “malicious prosecution”, and says UBS conducted a “fundamentally flawed” investigation in order to pin the blame on Hayes. Efforts to sue UBS come months after the UK supreme court overturned a decade-old ruling against Hayes in July. 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.

Source: The Guardian October 27, 2025 23:08 UTC