UBS Loses Bid to Limit Liability for Nazi-Linked Crimes

Federal judge rejects bank's attempt to shield itself from new revelations about Holocaust-era accounts.

Apr. 8, 2026 at 7:58pm

Got story updates? Submit your updates here. ›

A photorealistic studio still life featuring a stack of old, worn leather-bound books and a gold pocket watch, representing the weight of historical financial crimes and the ongoing pursuit of justice.A somber still life of historical financial records and artifacts, symbolizing the complex legacy of Swiss banks' dealings with the Nazi regime.Brooklyn Today

A federal judge in Brooklyn has rejected UBS' bid to modify a $1.25 billion settlement from 1999 involving Holocaust-related litigation against Swiss banks. UBS sought to shield itself from claims based on new revelations about Nazi-linked accounts, but the judge ruled that the bank was seeking an advisory opinion on 'hypothetical' lawsuits that haven't been filed.

Why it matters

This ruling is significant as it upholds the original 1999 settlement and prevents UBS from expanding its protections to encompass newly uncovered facts about Swiss banks' dealings with the Nazi regime during the Holocaust. It highlights the ongoing efforts to hold financial institutions accountable for their historical ties to the Third Reich.

The details

The $1.25 billion settlement was paid by UBS and Credit Suisse and distributed to more than 458,000 Nazi victims and their families. UBS sought the court's intervention after an investigation commissioned in 2020 by the former Credit Suisse uncovered additional ties between that bank, its predecessors and Nazis, including 890 accounts with potential Nazi links. However, the judge ruled that UBS was seeking an advisory opinion protecting it from 'hypothetical' lawsuits that haven't been filed.

  • The $1.25 billion settlement was reached in 1999.
  • In 2020, an investigation commissioned by the former Credit Suisse uncovered additional ties between that bank, its predecessors and Nazis.
  • UBS bought Credit Suisse in a Swiss government-arranged emergency takeover in 2023.
  • The federal judge in Brooklyn rejected UBS' bid to modify the 1999 settlement on April 7, 2026.

The players

UBS

A Swiss multinational investment bank and financial services company that was involved in the $1.25 billion Holocaust-era settlement with Credit Suisse.

Credit Suisse

A Swiss multinational investment bank and financial services company that was involved in the $1.25 billion Holocaust-era settlement with UBS. An investigation commissioned by the former Credit Suisse in 2020 uncovered additional ties between the bank, its predecessors and Nazis.

Judge Edward Korman

The U.S. District Court judge in Brooklyn who rejected UBS' bid to modify the $1.25 billion Holocaust-era settlement.

Simon Wiesenthal Center

A Jewish human rights group that argued against UBS's proposal, which the group said would improperly expand the 1999 settlement to encompass newly uncovered facts about banks' dealings with the Third Reich.

Got photos? Submit your photos here. ›

What they’re saying

“Until a genuine case or controversy arises that requires judicial interpretation of its terms, the agreement will continue to speak for itself.”

— Judge Edward Korman, U.S. District Court Judge

What’s next

The ruling means the original $1.25 billion settlement from 1999 will remain in place, and UBS will not be able to shield itself from potential new claims based on the recent revelations about Nazi-linked accounts.

The takeaway

This case highlights the ongoing efforts to hold financial institutions accountable for their historical ties to the Nazi regime during the Holocaust. The judge's rejection of UBS' attempt to limit its liability underscores the importance of transparency and justice for victims and their families.