Former Trader Tom Hayes Seeks $400m in Damages
Tom Hayes, a former securities trader at UBS and Citigroup, is seeking $400m in damages after his conviction in the LIBOR scandal was quashed by the Supreme Court in July.
Hayes was convicted in 2015 of multiple charges of conspiracy to defraud in relation to manipulations of the London Inter-Bank Offered Rate (LIBOR), a benchmark interest rate for short-term loans between banks.
He was sentenced to 14 years’ imprisonment, later reduced to 11 years, and has always maintained his innocence.
Hayes is now suing his former employer, UBS, for malicious prosecution and is seeking a jury trial in the United States.
LIBOR rates were calculated daily from submissions by a panel of major banks.
Author's summary: Exonerated trader Tom Hayes seeks $400m in damages from UBS.
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