UBS Seeks Judicial Protection Over New Holocaust Litigation

UBS is requesting a U.S. judge to reaffirm that a 1999 settlement shields it from future Holocaust-related claims. This comes after an investigation linked Credit Suisse, which UBS acquired, to Nazi-era accounts. The bank seeks clarity to prevent further legal disputes, but faces opposition from the Simon Wiesenthal Center.

On Tuesday, UBS appealed to a U.S. judge for protection against new Holocaust-related lawsuits triggered by a probe into former Credit Suisse's World War II-era activities.

During a court session, UBS's legal representative, David Burns, argued for a 'clarifying order' ensuring a 1999 settlement, which involved a $1.25 billion payment to Nazi victims, covers all related claims. This request follows findings from a 2020 investigation revealing ties between Credit Suisse and Nazi-related accounts.

Meanwhile, Faith Gay, representing the Simon Wiesenthal Center, challenged UBS's stance, accusing the bank of overstepping legal bounds and stifling free speech concerning the settlement's validity. The Senate Judiciary Committee has also been informed of these investigations, linking numerous accounts to WWII-era Nazi entities.

(With inputs from agencies.)