UBS Gets Waiver to Manage U.S. Pensions, Reuters Says, Citing Documents

Dow Jones

Jan 17, 2025

-- The U.S. Department of Labor granted UBS a waiver, necessary to manage U.S. retirement plans, after the Swiss lender missed a deadline to submit paperwork, Reuters first reported, citing reviewed documents.

-- The U.S. agency granted an exemption, effective from the Credit Suisse takeover in June 2023 until June 2029, allowing the bank to resume servicing U.S. pensioners, it said in a statement on Wednesday.

-- UBS said it in a letter to the U.S. agency that it deeply regrets the delayed submission of a document as part of an audit report by January 2024 which it attributed to complicated efforts to integrate Credit Suisse, Reuters reports.

-- UBS's legal counsel informed the U.S. agency in July that the bank would likely be compelled to cease its plan for asset management activities if the waiver wasn't granted, Reuters reports.

-- UBS declined to comment when requested for comment by Dow Jones Newswires.

Full story: https://bit.ly/4ajCyGQ

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

January 16, 2025 13:00 ET (18:00 GMT)

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