A former UBS banker accused of Libor rate-rigging isn't giving up. After accusing his bosses at the Swiss bank of complicity, he now wants UBS to pay up.
Arif Hussein has recovered from being banned from the securities industry: the former UBS trader runs a burger restaurant in London. He hasn't forgiven and forgotten when it comes to UBS though: the former banker remains convinced that he was scapegoated by the Swiss bank, as finews.com reported in January.
The couldn't convince the Financial Conduct Authority in the U.K, which accused Hussein of attempting to manipulate Libor rates 21 times in an online chat. The FCA banned him from banking two years ago.
A British court confirmed the FCA's ban, which Hussein appealed. The judge criticized the harsh treatment of the ex-banker, arguing that he had played a subordinated role in the scheme.
Hefty Legal Bill
Hussein and his lawyers have apparently drawn new hope from the criticism: the ex-banker is now seeking 500,000 pounds ($664,282) back from UBS, according to British newspaper «The Telegraph» (behind paywall). The reimbursement would cover Hussein's legal costs, the newspaper reported.
He is not the only banker still struggling with the Libor scandal, which UBS settled late in 2012 by paying a combined fine of $1.5 billion to several regulators. The first person convicted of rigging Libor, Thomas Hayes, a former UBS banker, is seeking a review of a 14-year prison sentence handed down in 2015 (the sentence was later reduced to 11 years).
