Hayes Sues UBS for $400 Million, Alleging It Scapegoated Him (1)

Tom Hayes, the former star UBS Group AG trader who became the face of the Libor rigging scandal, sued his former employer accusing it of handing him over on a “silver platter” to global prosecutors in order to protect the bank and its senior leadership.

Hayes filed a claim of “malicious prosecution” against the Swiss lender for at least $400 million in Connecticut state court on Monday. Lawyers for Hayes argued that it was widely accepted throughout the Swiss bank that traders should attempt to influence the London interbank offered rate to make money for their employer. But crucially, ...