UBS Wins US Legal Dispute Over Credit Suisse Bonus Cancellations

UBS has successfully defended against a legal challenge from former Credit Suisse managers regarding the cancellation of their 'Contingent Capital Awards' (CCA), which were linked to AT1 bonds written down to zero by FINMA during Credit Suisse's emergency acquisition. The New York court upheld an arbitration decision rejecting the claimants' argument against the legality of the write-down. Although this case was resolved in UBS's favor, other similar lawsuits from former Credit Suisse staff are still pending in the US.