Former trader Hayes changes law firm ahead of Libor hearing

Reuters

LONDON, Oct 10 (Reuters) - Former trader Tom Hayes, who isfacing criminal charges for the alleged manipulation of Liborinterest rates, has changed law firms weeks before he is dueback in a London court.

Hayes, a former trader at Citigroup and UBS,has switched to British law firm Garstangs Burrows Bussin fromFulcrum Chambers, Lydia Jonson, his former lawyer at Fulcrum,said in an email. Garstangs Burrows Bussin did not immediatelyrespond to a request for comment.

Hayes, 33, is expected to indicate how he intends to plea toeight counts of conspiracy to defraud at the London courthearing, which is scheduled for Oct. 21.

Hayes, who has also been charged by the U.S. Department forJustice, and two former RP Martin brokers are the firstindividuals to be brought to court over a scandal that hasbecome a symbol for the financial industry's self-servingexcesses.

Prosecutors allege Hayes manipulated Libor benchmarkinterest rates, which are used as a benchmark for more than $300trillion of products from derivatives to home loans, with stafffrom 10 leading banks and brokers over four years.

To date, U.S. and British authorities have charged seven menin connection with Libor rigging, and Britain's Serious FraudOffice told Reuters last week it is poised to charge more.

As well as Hayes, U.S. prosecutors have charged Swiss-basedformer UBS trader Roger Darin and three former staff atinterdealer broker ICAP ; New Zealand-based Darrell Read,his British-based supervisor Daniel Wilkinson and cash brokerColin Goodman.

View Comments (0)