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 the ongoing efforts by banks to limit their liability for crimes committed during the Holocaust and World War II. UBS is seeking to expand the scope of the 1999 settlement to prevent the Simon Wiesenthal Center, a Jewish human rights group, from filing new claims as more information surfaces about Credit Suisse's relationship with Nazis.

The details

UBS lawyer David Burns argued that the Wiesenthal Center should not be permitted to 'reopen the settlement, promote public controversy about it, or file new claims.' UBS wants 'complete closure' on the issue. However, the Wiesenthal Center, which endorsed the 1999 settlement, criticized UBS for seeking an advisory opinion that 'expands and reinterprets' the settlement by releasing a range of claims 'as broad as the Grand Canyon.' The dispute also focuses on UBS' resistance to turning over about 150 documents sought by the investigator, Neil Barofsky, which the bank believes are protected by attorney-client privilege.

  • The $1.25 billion settlement was reached in 1999.
  • The investigation commissioned by Credit Suisse was launched in 2020.
  • Barofsky is expected to finish his investigation this year.
  • The U.S. Senate Judiciary Committee heard details about Barofsky's investigation at a hearing last month.

The players

UBS

A Swiss multinational investment bank and financial services company that acquired Credit Suisse in a government-arranged rescue in 2023.

Credit Suisse

A Swiss multinational investment bank and financial services company that was acquired by UBS in 2023. An investigation commissioned by Credit Suisse uncovered additional ties between the bank, its predecessors, and Nazis, including 890 accounts with potential Nazi links.

Simon Wiesenthal Center

A Jewish human rights group that endorsed the 1999 settlement and is now criticizing UBS for seeking to expand the scope of the settlement to prevent the filing of new claims.

Judge Edward Korman

The U.S. District Judge in Brooklyn who oversaw the 1999 settlement and is now hearing the dispute between UBS and the Simon Wiesenthal Center.

Neil Barofsky

A lawyer conducting an investigation into Credit Suisse's ties to Nazis, which has uncovered 890 accounts with potential Nazi links.

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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 and Chairman of the U.S. Senate Judiciary Committee

What’s next

Judge Korman is expected to rule on whether to issue the 'clarifying order' requested by UBS to limit its liability for Holocaust-related claims.

The takeaway

This case highlights the ongoing legal battles between banks and Holocaust victims' groups over the extent of financial institutions' responsibility for crimes committed during World War II. It raises questions about the scope and finality of previous settlements, and whether new information can lead to the reopening of such cases.