US EditionUBS loses bid to limit liability for Nazi-linked crimes, US judge's ruling shows
The ruling leaves open the possibility of new lawsuits tied to newly uncovered Nazi-linked accounts and affects a $1.25 billion settlement, the judge said.
- On Tuesday, U.S. District Judge Edward Korman in Brooklyn rejected UBS's request to shield the bank from new claims related to its 1999 Holocaust-related settlement involving newly discovered Nazi-linked accounts.
- A 2020 investigation commissioned by Credit Suisse uncovered 890 accounts with potential Nazi links, prompting UBS's request for legal clarity. The 1999 settlement had paid $1.25 billion to more than 458,000 Nazi victims and their families.
- The Simon Wiesenthal Center, a Jewish human rights group, opposed the proposal, arguing it would improperly expand the 1999 settlement to encompass recent findings regarding banks' dealings with the Third Reich.
- Korman wrote that the bank sought an advisory opinion protecting it from "hypothetical" lawsuits that haven't been filed. He ruled "the agreement will continue to speak for itself" until genuine controversy arises.
- UBS acquired Credit Suisse in a 2023 emergency takeover, intensifying scrutiny of historical Nazi Germany connections. The ruling leaves the bank exposed to potential future claims arising from these newly revealed accounts.
14 Articles
14 Articles
A New York judge rejected a request from the major bank seeking to limit its liability in the wake of the discovery of new Nazi accounts in Credit Suisse's archives. UBS failed to convince the US courts to rule on the role of the 1999 agreement between Swiss banks and Holocaust victims in light of the discovery of new Nazi accounts in Credit Suisse's archives. The bank, known for its three-key logo, maintains that this agreement constitutes a de…
UBS wanted a 1999 agreement to be interpreted in such a way as to protect it from possible new lawsuits.
UBS loses bid to limit liability for Nazi-linked crimes, US judge's ruling shows
A U.S. judge on Tuesday rejected UBS' bid to clarify a $1.25 billion settlement from 1999 of Holocaust-related litigation against Swiss banks by shielding it from claims based on new revelations about Nazi-linked accounts.
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