A $400 million lawsuit against UBS is designed to punish banks who throw employees to the wolves [Fortune]
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Source: Fortune
That day, he would be sentenced to 14 years in prison, the longest white-collar sentence in British history. Packed in the prison bag he never thought he would need was Amanda Knox's book Waiting To Be Heard . He read the memoir in segregation, but it wasn't until his conviction was overturned in July of this year, after he spent five and a half years in some of Britain's highest security prisons, that the title truly resonated with him. Now, Hayes is seeking justice for himself—against his former employer. On October 23, Hayes filed a $400 million lawsuit against UBS in Connecticut state court for allegedly wrongly casting him as the “evil mastermind” responsible for Libor rate manipulation to protect senior executives and avoid substantial regulatory sanctions and prosecution. The Swiss bank paid $1.5 billion to settle various U.S., U.K., and Swiss regulatory penalties in 2012 when Hayes was criminally charged. The former banker also filed a duplicate case against UBS in a New Yor
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