UBS has prevailed over two former Credit Suisse managing directors who argued their deferred-compensation certificates should not have been wiped out when the two banks merged in 2023. A New York state court confirmed arbitration decisions rejecting claims brought by the former executives, Martin Ego and Jeffrey Jennings, over so-called contingent capital award certificates.
One of several pay disputes from the merger
The certificates were a form of deferred pay that Credit Suisse had granted to senior bankers, designed to convert or be written down under specific triggering events. When UBS absorbed Credit Suisse in its emergency 2023 takeover, holders of these awards saw their value eliminated, prompting a string of legal challenges from former executives who argued the write-down was improperly applied to them.
