Ex-Citi / UBS trader in court, SocGen's Kerviel rebuffed (again)

Gavel

Tom Hayes, the former Citi and UBS trader at the centre of a global investigation into manipulation of Libor, will indicate how he wishes to plead to eight criminal charges as early as October.

The Financial Times reports that a plea hearing for Hayes, who was charged by the UK’s Serious Fraud Office last month, was set for the week commencing October 21 by Mr Justice Leonard at Southwark Crown Court on Thursday.

Hayes, wearing a dark suit and white shirt with no tie, made his first appearance at the crown court after his magistrates’ court appearance two weeks ago. He spoke only to confirm his name and that he understood his bail conditions, which remain in place.

Ex-UBS trader in court on Libor charges (subscriber content)

In the meantime, Reuters reports that a Paris employment tribunal on Thursday rejected former Societe Generale trader Jerome Kerviel's plea for a new expert inquiry to help overturn his dismissal in France's biggest-ever trading scandal in 2008.

In a separate criminal case, Kerviel is running out of options to escape conviction and a jail sentence upheld by an appeals court in October over $6.4bn in losses that French bank SocGen said were the result of unauthorized trades by Kerviel.

Ex-trader Kerviel rebuffed by Paris employment tribunal

image: © bloomsberries

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