Ex-UBS Trader Hayes Appeals `Unfair' Libor Conviction, Sentence
- Jurors should consider other bankers's actions, lawyer says
- Judge compares Hayes to politicians in expenses scandals
UBS Traders May Face Sanctions in Probes
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Lawyers for Tom Hayes, the former UBS Group AG trader convicted of manipulating Libor, told a London appeals court that jurors in the case should have been able to consider the conduct of other bankers following the financial crisis.
Justice Jeremy Cooke erred when he directed jurors to ignore the standards of the market and focus only on what an ordinary person would consider honest, Hayes’s lawyer, Neil Hawes, said at the start of the two-day hearing. The instruction hampered Hayes since his actions must be seen within the broader context of his peers and the period, Hawes said.