Swiss Banks Accept Revised Terms to Repay Holocaust Assets
Switzerland's two biggest banks said today they had officially accepted an amended $1.25 billion settlement with victims of the Holocaust era.</br></br>But Credit Suisse Group and UBS AG criticized new conditions that other Swiss companies and government bodies would have to follow to enjoy protection from future litigation.</br></br>The banks said in a joint statement they had notified the responsible U.S. court in New York of their acceptance of the amendments relating to looted art, the further search for bank accounts, financing legal costs and the inclusion of insurance companies.</br></br>But the banks said in reaction to a 55-page fairness ruling by U.S. District Judge Edward Korman that they had not destroyed any documents to avoid honoring obligations. They also rejected suggestions that the total value of Holocaust accounts could be bigger than $1.25 billion.</br></br>"We want this criticism to be included in the protocol. But we are not going to do anything with it; we accept the settlement and its content," a spokesman for Credit Suisse said.