UBS' Legal Battle Over Settled $1.25 Billion Holocaust C laims

A U.S. judge denied UBS's request to alter a 1999 $1.25 billion settlement regarding Holocaust-related claims against Swiss banks. UBS sought protection from potential lawsuits based on new findings of Nazi-linked accounts. The Simon Wiesenthal Center opposed this bid, citing a misuse of the original settlement terms.

A U.S. judge rejected UBS's effort to modify a longstanding $1.25 billion Holocaust settlement involving Swiss banks and shield it from fresh claims tied to Nazi-linked accounts.

Judge Edward Korman stated UBS was seeking a premature protective ruling against lawsuits that have not yet been filed. He emphasized the agreement stands as is until an actual legal dispute arises requiring judicial interpretation.

The Simon Wiesenthal Center opposed UBS's bid, arguing it would wrongly extend the original settlement. This came after a 2020 investigation exposed additional Nazi ties linked to UBS and Credit Suisse's predecessors.

(With inputs from agencies.)