UBS (UBSG.S) urged a U.S. judge on Tuesday to shield it from new Holocaust-related litigation arising from an investigation of the former Credit Suisse’s activities during World War Two.
A lawyer for UBS asked U.S. District Judge Edward Korman in Brooklyn to issue a “clarifying order” that the $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.
Credit Suisse, which UBS bought in a Swiss government-arranged rescue in 2023, distributed the $1.25 billion to more than 458,000 Nazi victims and their families, according to court papers.
UBS requested Korman’s intervention after an investigation commissioned in 2020 by Credit Suisse uncovered additional ties between that bank, its predecessors and Nazis, including 890 accounts with potential Nazi links. The judge did not indicate when he would rule.
