On Tuesday, a U.S. District Judge in Brooklyn refused UBS’s attempt to secure legal protection from claims associated with its 1999 Holocaust-related settlement. The judge ruled that UBS was seeking to avoid hypothetical lawsuits that have not yet materialized.
This decision came after the Simon Wiesenthal Center contended that UBS’s request might improperly enlarge the settlement’s scope to include recent findings about banks’ connections with Nazi Germany. UBS had requested the court’s intervention after a 2020 investigation revealed new links between Credit Suisse and Nazi accounts.
Previously, in 1999, UBS and Credit Suisse settled by paying $1.25 billion to victims of the Nazis. UBS’s recent acquisition of Credit Suisse in 2023 has brought renewed scrutiny to these historical connections.
(With inputs from agencies.)