UBS Seeks Closure in Holocaust-Related Legal Battle
UBS requested a U.S. judge dismiss new Holocaust-related claims linked to former Credit Suisse's WWII activities, emphasizing a 1999 settlement's comprehensiveness. Investigations revealed Nazi-linked accounts, sparking legal disputes. The Simon Wiesenthal Center challenges UBS' stance, alleging rights violations. The Senate is also reviewing Credit Suisse's ties.
UBS has called on a U.S. judge to block fresh Holocaust-related lawsuits stemming from a probe into Credit Suisse's World War II conduct. A lawyer for UBS argued that a 1999 settlement, involving $1.25 billion distributed to Nazi victims, should cover all related claims.
During a legal hearing, UBS' lawyer stated that the Simon Wiesenthal Center should not be allowed to reopen the case, stirring public controversy with new claims. The center, however, insists the settlement does not address all issues and criticizes UBS for suppressing dissent.
The case hinges on UBS' refusal to release certain documents tied to the investigation, citing attorney-client privilege. U.S. Senate hearings have highlighted some account holders' connections to Nazi activities. UBS and Credit Suisse have both apologized for their parts in the Holocaust.
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