UBS Seeks Legal Protection Over Credit Suisse's Nazi-Era Banking Activities

UBS is urging a U.S. federal judge to protect the bank from future Holocaust-related lawsuits stemming from a recent investigation into Credit Suisse's World War Two activities. In a Brooklyn courtroom, UBS attorney David Burns petitioned U.S. District Judge Edward Korman to issue a clarifying order confirming that the landmark $1.25 billion settlement reached in 1999 covers "all claims, past, present and future" connected to the Holocaust, the war, and its surrounding era.

The legal push follows UBS's emergency acquisition of Credit Suisse in 2023, orchestrated by the Swiss government. A subsequent investigation launched in 2020 uncovered approximately 890 accounts with potential Nazi ties, including links to the German Foreign Office, the SS, and a German arms manufacturer — deepening scrutiny of Credit Suisse's wartime conduct. The original 1999 settlement had already distributed funds to more than 458,000 Nazi victims and their families.

Central to the dispute is the Simon Wiesenthal Center, a prominent Jewish human rights organization that endorsed the 1999 agreement. UBS accused the group of threatening new litigation and publicly challenging the settlement's scope. The Center's attorney, Faith Gay, pushed back firmly, arguing that UBS was seeking an overly broad legal interpretation and attempting to suppress free speech by silencing legitimate criticism of the settlement.

A separate conflict has emerged over roughly 150 documents that UBS is withholding from independent investigator Neil Barofsky, citing attorney-client privilege — despite already producing 16.5 million records. UBS indicated it would release the disputed files if the judge issues the requested order.

Judge Korman noted that Nazi assets were not explicitly discussed during the original 1999 negotiations and encouraged both parties to reach a compromise on document disclosure. Barofsky's full investigation is expected to conclude later this year. Both UBS and Credit Suisse have previously issued apologies for their institutions' roles during the Holocaust.