Tom Hayes Battles UBS in $400 Million Lawsuit Over Libor Scandal

Tom Hayes, previously convicted for the Libor scandal, is suing former employer UBS for over $400 million. He claims UBS cast him as the 'evil mastermind' to protect its interests. Hayes' UK conviction was overturned, and he seeks damages for ruined reputation and emotional harm.

Tom Hayes, once the face of the global Libor-rigging scandal, is now seeking $400 million from UBS in a lawsuit following the overturning of his conviction this July. Hayes alleges that UBS cast him as the 'evil mastermind' of the scandal to protect its senior management from blame.

According to Hayes' complaint, filed in Connecticut and later in New York, UBS deliberately made him the 'perfect fall guy' to avoid criminal prosecution, while still paying $1.5 billion in regulatory fines. The Swiss bank, however, has made no official comment on the case.

Despite his conviction being overturned, Hayes claims severe personal and professional damages, including a tarnished reputation and emotional distress. He remains adamant about his innocence and is determined to hold UBS accountable for its actions during the Libor scandal, which led to $9 billion in fines across the banking industry.

(With inputs from agencies.)