UBS Seeks to Limit Liability for Nazi-Linked Crimes

Bank urges U.S. judge to shield it from new Holocaust-related litigation over Credit Suisse's wartime activities.

Published on Mar. 11, 2026

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UBS has asked a U.S. judge to issue a 'clarifying order' that a $1.25 billion settlement reached in 1999 covered 'all claims, past, present and future' related to the Holocaust, World War Two, and their prelude and aftermath. This comes after an investigation commissioned by Credit Suisse, which UBS acquired in 2023, uncovered additional ties between the bank, its predecessors, and Nazis, including 890 accounts with potential Nazi links.

Why it matters

The dispute highlights ongoing efforts to hold financial institutions accountable for their roles during the Holocaust and World War II. UBS is seeking to limit its liability for the actions of the former Credit Suisse, which it acquired, raising concerns about transparency and justice for victims and their families.

The details

UBS is asking U.S. District Judge Edward Korman to shield it from new Holocaust-related litigation arising from the investigation of Credit Suisse's wartime activities. The bank wants the judge to rule that the $1.25 billion settlement reached in 1999 covered all future claims. However, the Simon Wiesenthal Center, a Jewish human rights group, has criticized UBS for seeking to 'expand and reinterpret' the settlement and silence challenges to its legitimacy.

  • The $1.25 billion settlement was reached in 1999.
  • The investigation commissioned by Credit Suisse was launched in 2020.
  • The U.S. Senate Judiciary Committee heard details about the investigation last month.

The players

UBS

A Swiss multinational investment bank and financial services company that acquired Credit Suisse in 2023.

Credit Suisse

A Swiss multinational investment bank and financial services company that was acquired by UBS in 2023. Credit Suisse's investigation uncovered additional ties between the bank, its predecessors, and Nazis.

U.S. District Judge Edward Korman

The judge who oversaw the $1.25 billion settlement reached in 1999 and is now being asked by UBS to issue a 'clarifying order' on the settlement's scope.

Simon Wiesenthal Center

A Jewish human rights group that endorsed the 1999 settlement but has criticized UBS for seeking to 'expand and reinterpret' the settlement and silence challenges to its legitimacy.

Neil Barofsky

A lawyer conducting the investigation commissioned by Credit Suisse, which has uncovered additional ties between the bank, its predecessors, and Nazis.

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What they’re saying

“The Wiesenthal Center has from the outset made the very public and private claim that Nazi assets are not part of the settlement, and has threatened litigation.”

— David Burns, Lawyer for UBS

“There's nothing for you to decide. And yet they've given us this proposed order that binds all parties.”

— Faith Gay, Lawyer for the Wiesenthal Center

“Holders of the 890 accounts included the German Foreign Office, which arranged the deportation of Jews to concentration camps, as well as the SS paramilitary organization and a German arms manufacturer.”

— Charles Grassley, Republican Senator, Chairman of the U.S. Senate Judiciary Committee

What’s next

The judge is expected to rule on UBS's request for a 'clarifying order' on the scope of the 1999 settlement. The investigation commissioned by Credit Suisse is also expected to be completed this year.

The takeaway

This case highlights the ongoing efforts to hold financial institutions accountable for their roles during the Holocaust and World War II. The dispute over the scope of the 1999 settlement raises concerns about transparency and justice for victims and their families.