Tom Hayes, the first banker to be jailed over Libor interest rate rigging, is suing his former employer UBS for $400m (£300m). Hayes claims he was used as a scapegoat by UBS to avoid regulatory scrutiny. The lawsuit was filed in a US court in Connecticut, alleging that UBS misled US authorities by portraying Hayes as the instigator of the Libor scandal to shield senior executives and reduce fines.