A Decade-Long Battle: Tom Hayes Sues UBS for $400 Million

Tom Hayes, once at the center of the infamous global Libor-rigging scandal, has initiated a massive legal battle against his former employer, UBS, demanding over $400 million in damages. Hayes, whose conviction was annulled in July, argues that UBS painted him as the "evil mastermind" to deflect blame and protect higher-ups.

Within a complaint filed in Connecticut, Hayes accused UBS of orchestrating a narrative that pinpointed him as the architect of a scheme to manipulate Libor rates. This allegation kept the focus off UBS's senior management even as the bank settled regulatory charges in late 2012 by disbursing $1.5 billion. At the same time, Hayes faced criminal charges.

The complaint highlights how UBS allegedly managed the narrative like a theater production, casting Hayes as the villain. Hayes, 46, claims this ruined his reputation, career, and well-being. His conviction, initially resulting in an 11-year jail term, was overturned following errors identified by the UK Supreme Court.