Market Revolt co-founder Jon Najarian explains what brought about power costs to rise, addresses whether or not he would purchase Disney inventory and extra on ‘The Claman Countdown.’
Tom Hayes, the previous British dealer jailed over the Libor rate of interest scandal, has filed a $400 million lawsuit in opposition to UBS, alleging “malicious prosecution and company scapegoating” by his former employer, in accordance with court docket paperwork seen by FOX Enterprise.
Hayes’ criticism was lodged Monday in a Connecticut Superior Court docket and seems to accuse the Swiss banking big of intentionally framing him because the mastermind of the scandal to protect senior executives and cut back multibillion-dollar regulatory penalties.
Hayes alleges that UBS “deliberately directed the destruction of an harmless man’s life” by feeding deceptive info to U.Ok. and U.S. prosecutors with a purpose to engineer his conviction.
In line with the criticism, by making Hayes the “good fall man,” Hayes claims UBS prevented prison prosecution even because it paid $1.5 billion to settle U.S., U.Ok., and Swiss regulatory fees in December 2012, when Hayes was criminally charged, per Reuters.
TRUMP REFILES $15 BILLION DEFAMATION LAWSUIT AGAINST NEW YORK TIMES
British ex-trader Tom Hayes information $400 million lawsuit in opposition to UBS. (Reuters)
The method “was rigorously stage-managed by UBS to regulate the narrative and steer consideration away from senior executives,” the Oct. 23 criticism reads. “And like all good theater, UBS’s present had a hand-picked villain: Tom Hayes.”
Reuters additionally reported that on the identical day, Hayes filed one other related case in opposition to UBS in a New York state court docket in Manhattan.
In an announcement accompanying the Connecticut go well with, Hayes stated: “It has taken me over a decade to overturn my wrongful conviction and clear my title. My authorized crew are actually rightfully holding UBS to account for scapegoating me,” per Reuters.
ALEX MURDAUGH’S MONEY MAN PAYS THE PRICE AFTER ADMITTING ROLE IN MILLION-DOLLAR CRIME SCHEME
Tom Hayes launched authorized motion in opposition to UBS on Monday, in search of $400 million in damages and alleging the Swiss financial institution made him the autumn man within the Libor rate-rigging scandal. (Reuters / Reuters Photographs)
Hayes’ declare reportedly seeks damages for reputational, skilled, and private losses arising from what he calls a “basically flawed” inside investigation.
Hayes was arrested in 2012 amid a probe into the manipulation of the London Interbank Provided Price (Libor), which is the benchmark underpinning trillions of {dollars} in loans and monetary merchandise worldwide.
On the time, prosecutors had stated that Hayes led efforts to nudge every day fee submissions to profit UBS’s buying and selling positions.
EX-SOROS FUND MANAGER INDICTED, ACCUSED OF ABUSING WOMEN IN MANHATTAN ‘SEX DUNGEON’
Initially based in 1854 in Switzerland, UBS is a worldwide monetary providers agency with operations across the globe. (iStock / iStock)
Hayes maintained his actions had been clear and carried out underneath administration supervision.
Hayes was convicted in 2015 and sentenced to 11 years in jail, however served greater than 5 earlier than his launch in 2021.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
The U.S. fees had been later dropped. The Libor scandal, which broke after the 2008 monetary disaster, resulted in almost $10 billion in fines in opposition to international banks and finally led to Libor’s phase-out in 2021.
FOX Enterprise reached out to UBS, who stated they declined to remark, in addition to Tom Hayes attorneys.