Judge Rejects UBS Clarification Bid on Holocaust Settlement
A U.S. judge dismissed UBS' attempt to clarify a 1999 $1.25 billion settlement related to Holocaust-linked Swiss bank accounts. The judge saw UBS' request as seeking protection from hypothetical lawsuits. The Simon Wiesenthal Center argued UBS was trying to expand the settlement improperly. UBS acquired Credit Suisse in 2023.
A U.S. judge has denied UBS' request for clarification concerning a 1999 $1.25 billion settlement of Holocaust-related litigation. The settlement arose from accusations against Swiss banks concerning Nazi-linked accounts.
U.S. District Judge Edward Korman, based in Brooklyn, New York, stated that UBS' petition for an advisory opinion against potential, not yet filed, lawsuits was premature. He emphasized that the original settlement terms remain clear.
The Simon Wiesenthal Center, advocating for Jewish human rights, contended that UBS' move would improperly extend the scope of the original agreement to include new facts about Swiss bank connections to the Nazis. This came after a 2020 investigation commissioned by the former Credit Suisse revealed further Nazi associations.
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