A former trader who had his conviction quashed for “rigging” interest rates following a 10-year legal battle is suing his former employer UBS. Tom Hayes launched a legal claim for malicious prosecution against the Swiss banking giant, claiming he was the bank’s “hand-picked scapegoat” in one of the biggest scandals of the 2008 financial crisis. In July, Mr Hayes had …
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Tom Espiner BBC business reporter PA Media Carlo Palombo and Tom Hayes had their rate-rigging convictions overturned Two former City traders, Tom Hayes and Carlo Palombo, have had their convictions for rate-rigging overturned by the UK’s Supreme Court. They were convicted and jailed for manipulating the interest rates used for loans between banks, which dictated borrowing costs for the likes …
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