All articles tagged with #interest rate rigging
Tom Hayes, a trader whose conviction for interest rate rigging was overturned, is suing UBS for $400 million, claiming the bank falsely implicated him to cover up its misconduct and protect its executives, following a decade-long legal battle and the UK Supreme Court's ruling that his original conviction was unfair.
UK and US regulators were informed of a state-led drive to "rig" interest rates in the 2008 financial crisis, but covered it up, according to evidence. The documents suggest lenders sharply dropped their interest rate estimates after pressure from central banks. Evidence was not shown to juries where bankers were jailed for smaller-scale interest rate "rigging". Regulators said they had followed disclosure rules, declined to comment or in one case rebutted the claims.