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UBS attorney David Burns requested Brooklyn District Judge Edward Korman to specify that the $1.25 billion settlement obtained in 1999 encompasses "all past, present, and future" claims associated with the Holocaust and World War II. This sum has been disbursed to over 450,000 survivors of the Nazi regime and their family members.
Following that settlement, it was revealed that around 890 accounts at Credit Suisse could have connections to the Nazis. UBS is concerned that the inquiry may result in additional allegations.
According to US Senate Judiciary Committee Chairman Charles Grassley, the accounts involved included those of workers from the Nazi German Foreign Ministry who facilitated the deportation of Jews to concentration camps and were associated with the SS and an undisclosed German arms manufacturer.
Faith Gay, an attorney at the Simon Wiesenthal Center, noted that UBS is not facing new lawsuits, and the bank's request to the judge encompasses too wide a spectrum of possible claims.
According to Reuters, UBS's request is connected to a demand from Neil Barofsky, an attorney overseeing an inquiry into Credit Suisse's links to the Nazis, to submit roughly 150 documents for the investigation. The bank is declining to do so, referencing client confidentiality obligations. Bank representatives stated that they have already granted the lawyer access to 16.5 million documents and are prepared to provide these files, but only if the court issues the requested clarification concerning the limitation of liability.
source: reuters.com
Following that settlement, it was revealed that around 890 accounts at Credit Suisse could have connections to the Nazis. UBS is concerned that the inquiry may result in additional allegations.
According to US Senate Judiciary Committee Chairman Charles Grassley, the accounts involved included those of workers from the Nazi German Foreign Ministry who facilitated the deportation of Jews to concentration camps and were associated with the SS and an undisclosed German arms manufacturer.
Faith Gay, an attorney at the Simon Wiesenthal Center, noted that UBS is not facing new lawsuits, and the bank's request to the judge encompasses too wide a spectrum of possible claims.
According to Reuters, UBS's request is connected to a demand from Neil Barofsky, an attorney overseeing an inquiry into Credit Suisse's links to the Nazis, to submit roughly 150 documents for the investigation. The bank is declining to do so, referencing client confidentiality obligations. Bank representatives stated that they have already granted the lawyer access to 16.5 million documents and are prepared to provide these files, but only if the court issues the requested clarification concerning the limitation of liability.
source: reuters.com
