Former trader Tom Hayes who had his conviction for rigging interest rates overturned by the Supreme Court in July is suing his former employer UBS.
Hayes, who was imprisoned over the Libor scandal in 2015 and fought for 10 years to clear his name, has launched a legal claim for malicious prosecution against the Swiss bank, claiming he was a "hand-picked scapegoat", the BBC reports.
According to a complaint filed in a US court, Hayes is seeking $400m (£300m) in damages to "deter and punish UBS for its role in intentionally directing the destruction of an innocent man's life for their own selfish reasons".
Lawyers representing Hayes claim UBS misled US authorities to cast him as the "evil mastermind" behind the alleged Libor misconduct in a bid to protect its senior executives and evade regulatory fines.
City traders' rate-rigging convictions overturned by Supreme Court
The filing also claims UBS "gained control over the investigation into its own alleged misconduct" and conducted a "fundamentally flawed" investigation, adding that UBS "offered Hayes up on a silver platter" to be prosecuted in both the US and the UK.
Hayes said: "It has taken me over a decade to overturn my wrongful conviction and clear my name. My legal team are now rightfully holding UBS to account for scapegoating me in order to save billions in fines and protect its senior executives.
"My life was ruined by the bank's actions – I lost my liberty and my marriage, missed out on my son's childhood, and my physical and mental health suffered terribly. UBS also destroyed my reputation and career."
He added: "Nothing can give me back those lost years or make up for the stress and trauma exacted on me and those close to me. I hope to win my claim and make substantial donations to charities which seek to right miscarriages of justice."
UBS has declined to comment.
FCA drops action against exonerated 'rate riggers'
