UBS wins arbitration over deferred pay claims tied to Credit Suisse merger
Legal disputes linked to UBS's takeover of Credit Suisse continue to play out as former senior bankers challenge the treatment of deferred compensation awarded before the 2023 rescue deal. The latest case centers on certificates that were written down during the merger, adding to a broader set of claims the Swiss bank faces from former Credit Suisse executives.
Highlights
- UBS secured arbitration decisions in New York rejecting deferred-compensation claims by ex-Credit Suisse executives Martin Ego and Jeffrey Jennings.
- Disputed contingent capital award certificates (CCAs) related to UBS's 2023 Credit Suisse merger remain a broader source of legal challenges from former senior bankers.
- The arbitration outcomes represent further legal victories for UBS as it addresses ongoing compensation disputes following its Credit Suisse acquisition.
New York court filing seeks confirmation of awards
As first reported by Bloomberg, UBS on Wednesday asked a New York state court to confirm arbitration decisions rejecting claims brought by former Credit Suisse managing directors Martin Ego and Jeffrey Jennings.The two former executives argued that their deferred-compensation certificates should not have been written down when UBS and Credit Suisse merged in 2023. The bank prevailed in arbitration over those claims, according to the court request.
Merger fallout continues for compensation disputes
The cases are part of a wider set of disputes UBS has faced from former senior Credit Suisse bankers over so-called contingent capital award certificates, or CCAs.The outcome marks another legal win for UBS as it continues to manage compensation-related fallout from its acquisition of Credit Suisse, one of the most consequential banking mergers in Switzerland in recent years.
In our earlier coverage of executive remuneration trends in South Africa’s JSE Top 200, we noted that incentive awards for top executives were rising much faster than fixed pay, with both short- and long-term payouts accelerating. The article also outlined new Companies Act rules increasing transparency and shareholder influence, including mandatory pay-ratio disclosures and binding remuneration votes that can restrict directors’ roles on pay committees.
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