City trader sues UBS for $400m after rate-rigging conviction quashed

BBC News•Monday, October 27, 2025 at 8:52:24 PM

Tom Hayes, a former city trader, has initiated a $400 million lawsuit against UBS after his conviction for rate-rigging was overturned. Hayes argues that he was unfairly targeted as the bank's 'hand-picked scapegoat' in a scandal that has raised questions about accountability in the financial sector. This case could have significant implications for UBS and the broader banking industry, as it highlights the ongoing fallout from past misconduct and the quest for justice by those wrongfully accused.

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