From Compliance to Condemnation
When regulators began probing Libor manipulation, UBS allegedly saw an opportunity to “negotiate leniency” by turning Hayes into a scapegoat. The suit claims the bank misled U.S. prosecutors, portraying him as a rogue operator to deflect attention from its leadership.
“UBS’s disclosures were knowingly false,” the complaint argues. “It knew Hayes acted under company policy, but it rewrote the narrative to protect its executives.”
The filing accuses UBS of staging a “theatrical performance” to satisfy global regulators, describing the bank’s cooperation as a “show of contrition” with Hayes as the perfect villain — high-profile, but expendable.
“UBS needed a villain,” Hayes said. “Someone important enough to make a statement, but far enough from leadership to keep their hands clean.”
A Decade of Legal Turmoil and Vindication
In 2015, Hayes was convicted of conspiring to rig Libor and sentenced to 11 years in prison — a verdict that made global headlines. But in July, the U.K. Supreme Court overturned his conviction, acknowledging the flaws in the original case. A related U.S. indictment had already been dismissed in 2022.
Despite his exoneration, Hayes says the damage is irreversible: “UBS’s lies destroyed my career, my livelihood, and my reputation.”
He is seeking over $400 million in damages, citing loss of income, emotional trauma, and “the destruction of his family’s life.” The complaint also seeks to punish UBS for what he calls “the intentional destruction of an innocent man for corporate gain.”
