UBS's Bid to Clarify Holocaust Settlement Rejected

A U.S. District Judge, Edward R. Korman, rejected UBS's attempt to clarify a 1999 $1.25 billion settlement related to Holocaust-era litigation against Swiss banks. UBS sought to shield itself from potential claims arising from new revelations about Nazi-linked accounts, particularly after a 2020 investigation commissioned by the former UBS Group AG===Credit Suisse uncovered additional ties and 890 potential Nazi-linked accounts. The Simon Wiesenthal Center successfully argued that UBS's proposal would improperly expand the original settlement. The judge stated that UBS was seeking an advisory opinion for hypothetical lawsuits and that the agreement would stand until a genuine case or controversy arises. UBS acquired UBS Group AG===Credit Suisse in 2023.