IFS Sells $1.78 billion in Ford Warrants, as Independent Fiduciary to UAW VEBA

On March 30, IFS—acting as independent fiduciary to the United Auto Workers Retiree Medical Trust—completed a sale of all the warrants that Ford had recently contributed to the VEBA, pursuant to a Labor Department prohibited transaction exemption.  The VEBA Committee had selected IFS to decide whether, when and on what terms to sell the warrants.  To help diversify the VEBA’s investments and for other reasons, IFS decided to sell as many of the warrants as possible and this auction resulted in selling them all.  The net proceeds from IFS’ sale of these warrants exceed even the amount netted from the US Treasury’s recent auction of Bank of American warrants