All articles tagged with #libor rigging
Tom Hayes, a former trader convicted and later acquitted of Libor rigging, has filed a $400 million lawsuit against UBS, alleging the bank maliciously framed him and misled prosecutors to shield its senior management, seeking damages for the destruction of his career and reputation.
The UK Supreme Court unanimously overturned the conviction of former trader Tom Hayes for Libor interest rate rigging, citing unfair trial procedures and the right to a fair defense, after Hayes served five and a half years of an initial 14-year sentence.
Tom Hayes, a former trader, has lost his appeal against his conviction for rigging the London Interbank Offered Rate (Libor). The Financial Times reported that the Court of Appeal upheld his conviction, stating that there was overwhelming evidence of his involvement in the manipulation of Libor. Hayes, who was the first person to be convicted for manipulating Libor, had argued that his actions were common practice in the industry.