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

Former City trader Tom Hayes is suing UBS for $400 million after his rate-rigging conviction was overturned by the UK Supreme Court. Hayes alleges he was unfairly used as a scapegoat by UBS in one of the major financial scandals of the 2008 crisis. The lawsuit claims UBS misled authorities to protect its executives, resulting in the destruction of Hayes' life. Hayes aims to hold UBS accountable for its role in his wrongful conviction and clear his name.