Ex-UBS trader sues bank for 'malicious' Libor prosecution

Tom Hayes, the former star UBS bank 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. + Get the most important news from Switzerland in your inbox 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, the rate setting was not criminal, they argued. Hayes was found guilty in the UK of rigging the benchmark interest rate in 2015, a conviction that set off a raft of prosecutions against bankers and traders across the City of London. Despite multiple appeals, the verdict stayed until July this year when Hayes’ conviction was quashed by the UK ...