"On October 23, Hayes filed a $400 million lawsuit against UBS in Connecticut state court for allegedly wrongly casting him as the "evil mastermind" responsible for Libor rate manipulation to protect senior executives and avoid substantial regulatory sanctions and prosecution. The Swiss bank paid $1.5 billion to settle various U.S., U.K., and Swiss regulatory penalties in 2012 when Hayes was criminally charged. The former banker also filed a duplicate case against UBS in a New York state court."
"According to the civil complaint, he was positioned to earn at least $5-10 million annually for years to come. His finances now, however, have been decimated. Aside from spending more than $1 million on his criminal defense, Hayes's assets were frozen by prosecutors and he was debanked. Blackballed from the financial industry and fired from non-finance jobs due to negative press reports, Hayes alleges he has been unable to secure even basic employment due to his reputation."
Tom Hayes was convicted in August 2015 on eight counts of conspiracy to defraud in the Libor interest-rate rigging scandal and sentenced to 14 years, the longest white-collar sentence in British history. His conviction was overturned in July after five and a half years in high-security prisons. On October 23 he filed a $400 million lawsuit against UBS in Connecticut, alleging the bank wrongly portrayed him as the “evil mastermind” to shield senior executives and regulators; he filed a duplicate suit in New York. UBS previously paid $1.5 billion in regulatory settlements in 2012. Hayes alleges severe financial, professional, marital, and health damages.
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