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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

First banker jailed over Libor interest rate rigging to sue UBS for $400m

Tom Hayes UBS
Tom Hayes
Hayes spent five and a half years in prison after he was accused of being the ringleader of a conspiracy to fix the Libor rate. Photograph: Peter Nicholls/Reuters

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.

The claim, which was publicly filed in a US court in Connecticut on Monday, alleges that UBS misled US authorities and called him an “evil mastermind” behind the alleged Libor scandal, in order to protect senior executives and minimise fines.

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