NEW YORK, 11 March 2026 – Swiss banking giant UBS has asked a U.S. federal judge to shield it from potential new lawsuits tied to Nazi-era crimes after investigators uncovered hundreds of additional accounts linked to the Nazi regime at the former Credit Suisse bank.
The request was made to U.S. District Judge Edward Korman in Brooklyn, where UBS is seeking a “clarifying order” confirming that a US$1.25 billion settlement reached in 1999 fully resolved all Holocaust-related claims against Swiss banks, including any future litigation arising from newly discovered evidence.
A Settlement That Ended Historic Holocaust Claims
The original settlement, negotiated in the late 1990s, was designed to compensate victims of the Holocaust and their families whose assets had been deposited in Swiss banks during World War II.
More than 458,000 victims and relatives ultimately received compensation from the US$1.25 billion fund distributed by Swiss financial institutions, including UBS and Credit Suisse.
UBS now argues that the agreement was meant to provide “complete closure” for all claims tied to the Holocaust, World War II and related historical events. The bank wants the court to reaffirm that the settlement already covers any claims linked to new findings about the wartime activities of Credit Suisse and its predecessor institutions.
Discovery of Hundreds of Nazi-Linked Accounts
The legal dispute follows an investigation commissioned by Credit Suisse in 2020 and continued after UBS acquired the bank in a government-brokered rescue in 2023.
The probe uncovered around 890 previously undisclosed accounts with potential links to Nazi individuals or institutions, including accounts tied to the German Foreign Office, the SS paramilitary organisation and other entities associated with the Nazi regime.
The revelations have reignited debate over whether Swiss banks fully disclosed their historical ties to Nazi assets during the earlier settlement negotiations.
Dispute With Holocaust Advocacy Groups
The legal motion also reflects tensions between UBS and the Simon Wiesenthal Center, a Jewish human-rights organisation advocating for Holocaust survivors.
UBS argues that the group should not be allowed to reopen the settlement or use newly uncovered evidence to pursue fresh legal action or public campaigns against the bank.
Lawyers for the Wiesenthal Center have criticised the bank’s request, arguing that UBS is trying to broaden the scope of the original settlement and effectively silence public debate about historical accountability.
Ongoing Investigation Into Credit Suisse’s Past
An independent investigator, former U.S. prosecutor Neil Barofsky, is currently reviewing historical records relating to Credit Suisse’s Nazi-era activities. His investigation has already examined millions of documents and is expected to conclude later this year.
However, the bank has resisted turning over about 150 documents it says are protected by attorney-client privilege, a dispute that remains part of the ongoing legal proceedings.
A Sensitive Chapter in Banking History
The controversy highlights the long-standing historical scrutiny faced by Swiss banks over their handling of assets during World War II.
Investigations and lawsuits since the 1990s have accused some financial institutions of holding assets looted from Holocaust victims or facilitating financial transactions linked to the Nazi regime.
Both UBS and Credit Suisse have previously acknowledged that the wartime period represented a “dark chapter” in Swiss banking history and have apologised for their roles.
For now, the U.S. court has not yet ruled on UBS’s request, leaving unresolved whether the discovery of additional Nazi-linked accounts could reopen one of the most significant historical legal settlements in the global banking industry.
