In June, the U.K.’s Serious Fraud Office (SFO) filed fraud charges against Tom Hayes, a former Citigroup and UBS AG trader. The SFO accused Hayes of a scheme to fix interest rates. Now, as the case approaches trial, Hayes has hired a pair of aggressive lawyers to help mount his defense.
The case is due to go to trial on Oct. 21, and centers on accusations that Hayes conspired with 10 other bank and brokerage employees to fix interest rates. There had been speculation that Hayes would plead guilty and assent to testifying against the alleged co-conspirators.