Jewish groups go after new recompence over Nazi-associated Swiss bank accounts
(MENAFN) Swiss banking giant UBS faces potential claims for billions in restitution to Holocaust survivors after Jewish organizations alleged the discovery of undisclosed Nazi-linked accounts inherited from the collapsed Credit Suisse. UBS is currently finalizing its investigation into these claims, Bloomberg reports.
Ronald Lauder, president of the World Jewish Congress and a key figure in the 1998 $1.25 billion settlement with Swiss banks, believes that far greater sums remain unpaid. He estimates that $5 to $10 billion may still be owed.
In 2020, the Simon Wiesenthal Center accused Credit Suisse of hiding accounts tied to Nazi clients, prompting the bank to launch an internal review. After UBS acquired Credit Suisse in 2023, it appointed independent ombudsman Neil Barofsky, a former U.S. prosecutor, to conduct a more thorough investigation. The final report is expected early next year.
Preliminary findings have revealed hundreds of suspicious accounts, some labeled with terms like “American blacklist,” indicating possible deliberate concealment during earlier probes. Lauder noted that while Jewish account holders might have deposited around $100,000, Nazi-linked accounts often held $10 to $20 million—funds likely looted from Holocaust victims. He emphasized that these amounts were not addressed in the 1990s settlement.
While Lauder insists UBS could owe billions in additional compensation, some argue that the 1998 agreement shields the banks from further liability.
Credit Suisse, Switzerland’s second-largest bank, was acquired by UBS in 2023 after scandals and financial losses ended its 167-year history and rattled global trust in Swiss banking.
Ronald Lauder, president of the World Jewish Congress and a key figure in the 1998 $1.25 billion settlement with Swiss banks, believes that far greater sums remain unpaid. He estimates that $5 to $10 billion may still be owed.
In 2020, the Simon Wiesenthal Center accused Credit Suisse of hiding accounts tied to Nazi clients, prompting the bank to launch an internal review. After UBS acquired Credit Suisse in 2023, it appointed independent ombudsman Neil Barofsky, a former U.S. prosecutor, to conduct a more thorough investigation. The final report is expected early next year.
Preliminary findings have revealed hundreds of suspicious accounts, some labeled with terms like “American blacklist,” indicating possible deliberate concealment during earlier probes. Lauder noted that while Jewish account holders might have deposited around $100,000, Nazi-linked accounts often held $10 to $20 million—funds likely looted from Holocaust victims. He emphasized that these amounts were not addressed in the 1990s settlement.
While Lauder insists UBS could owe billions in additional compensation, some argue that the 1998 agreement shields the banks from further liability.
Credit Suisse, Switzerland’s second-largest bank, was acquired by UBS in 2023 after scandals and financial losses ended its 167-year history and rattled global trust in Swiss banking.

Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research

- Global Plant-Based Meat Market Report 2025: Size Projected USD 100.31 Billion, CAGR Of 21.92% By 2033.
- With Seal, Walrus Becomes The First Decentralized Data Platform With Access Controls
- Blackrock Becomes The Second-Largest Shareholder Of Freedom Holding Corp.
- United States Jewelry Market Forecast On Growth & Demand Drivers 20252033
- Origin Summit Debuts In Seoul During KBW As Flagship Gathering On IP, AI, And The Next Era Of Blockchain-Enabled Real-World Assets
- Brazil Edtech Market Size, Share, Trends, And Forecast 2025-2033
Comments
No comment