The Trader Who Took On UBS: The Tom Hayes Saga Continues

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Five years in a maximum security prison can erase a career, a reputation, and a chunk of your life you never get back. Tom Hayes lived that reality after becoming one of the most visible faces of the LIBOR scandal, then watched the legal ground shift when appellate courts rejected key assumptions behind how these cases were prosecuted. Now he’s suing UBS for malicious prosecution, arguing the bank did not simply “cooperate” with regulators, but built a curated story that framed him as a rogue to protect senior leadership and secure leniency.

We take you through the core mechanics that make this case so consequential: how LIBOR submissions work, why tiny movements can mean millions on a derivatives book, and why context matters when you read a chat log on a cold page. From there, we dive into the civil litigation battlefield in Stamford, Connecticut, where UBS argues the case belongs elsewhere under forum non conveniens, and Hayes argues Connecticut is central because that’s where key subpoenas, court actions, and settlement mechanics touched down.

Then we tackle the most surprising weapon in the filings: UBS’s anti-SLAPP motion, which claims this lawsuit targets constitutionally protected petitioning activity tied to government investigations. Hayes pushes back hard, saying anti-SLAPP is not a license to knowingly mislead prosecutors or suppress exculpatory evidence, and he points to alleged gaps involving internal LIBOR policies, senior executive knowledge, and profit and loss reporting that he says could have changed everything.

If you care about the LIBOR scandal, corporate internal investigations, Gibson Dunn’s role in large-scale e-discovery, deferred prosecution agreements, and the bigger question of who controls the narrative in white collar enforcement, this one is for you. Subscribe, share with a friend who follows corporate accountability, and leave a review with your take: should courts treat corporate “cooperation” as protected speech when someone claims it was engineered?

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Disclaimer:  For educational use only, not intended to be legal advice.