Libor trader sues FCA over lifetime ban
Former UBS trader Tom Hayes is to sue the Financial Conduct Authority over the lifetime ban it placed on him after he was jailed for 11 years over his role in the Libor-rigging scandal.
Hayes was the first to be convicted of an offence related to the wholesale manipulation of inter-bank lending benchmarks, being found guilty of conspiracy to defraud in August 2015. He initially received 14 years, before a reduction to 11 on appeal.
His lawyer Karen Todner confirmed to Bloomberg that Hayes had bought the action but would represent himself in the suit, while she worked on his appeal.
Hayes was denied the opportunity to appeal in the UK’s Supreme Court but the decision has been referred to the independent Criminal Case Review Commission, which investigates potential miscarriages of justice.
A crowdfunding campaign launched to fund a review has so far raised almost £78,000. The government has issued Hayes with a confiscation order, designed to recover criminal proceeds, for £900,000.
Source: CityWire
