UBS has asked a U.S. federal judge to protect it from new Holocaust-related lawsuits connected to the activities of former Credit Suisse during World War II. In a hearing before U.S. District Judge Edward Korman in Brooklyn, UBS lawyer David Burns requested a “clarifying order” confirming that the $1.25 billion settlement reached in 1999 fully resolved all Holocaust-related claims—past, present, and future—linked to Swiss banks. The settlement, administered by Credit Suisse and other banks, distributed funds to more than 458,000 Nazi victims and their families.
The request follows the discovery of additional historical evidence during an investigation commissioned by Credit Suisse in 2020, which identified 890 accounts potentially linked to Nazi figures and institutions. UBS, which acquired Credit Suisse in a Swiss government-brokered rescue in 2023, said it wants “complete closure” on the issue and argued that the Simon Wiesenthal Center should not be allowed to reopen the decades-old settlement or pursue further legal claims as new information emerges.
However, lawyers for the Simon Wiesenthal Center opposed UBS’ request, arguing that the bank is seeking to broaden the settlement in a way that could silence criticism and prevent further scrutiny. Attorney Faith Gay told the court there is no immediate lawsuit planned and accused UBS of attempting to suppress debate over the settlement’s scope. The dispute also involves UBS’ refusal to release about 150 documents requested by investigator Neil Barofsky, who is reviewing the newly uncovered accounts and is expected to complete his report later this year.
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