UBS aims to retain Nazi-stolen gold
The Swiss bank UBS has petitioned an American court to block new lawsuits related to the operations of Credit Suisse during World War II, a company it acquired. This move is significant as UBS seeks to officially confirm a 1999 settlement under which Credit Suisse paid $1.25 billion to victims of Nazism and their families.
In 1999, Credit Suisse compensated over 458,000 victims and their relatives affected by Nazism. Following the 2023 acquisition of Credit Suisse, UBS has requested that Brooklyn District Judge Edward Korman issue a clarification stating that this settlement covers all claims—past, present, and future—related to the Holocaust, World War II, and its aftermath. The court appeal came after a February investigation revealed 890 accounts potentially linked to the Nazi regime. Meanwhile, the Jewish human rights group Simon Wiesenthal Center maintains that the issue of Nazi assets remains unresolved.
This legal case could set a final precedent concerning the bank’s liability for historical injustices and establish a framework for handling Nazi-related assets.
