UBS’s legal chief, Barbara Levi, warned US senators of an “active threat” of lawsuits from the Simon Wiesenthal Center and other NGOs., contradicting a landmark 2000 settlement, signed by UBS and Credit Suisse, totaling $1.25 billion, intended to compensate over half a million Holocaust victims and their families, as a “final resolution”, asking “If every revelation triggers lawsuits, what is the incentive to investigate the past?” UBS reported an annual profit of $7.8 billion (around 6.05 billion Swiss francs) in 2025, marking a 53% increase.

The legacy of Switzerland’s banking secrecy, long associated with discretion and stability, continues to cast a shadow over the global financial system. Decades after the end of World War II, new investigations, archival discoveries, and institutional transitions are reopening one of the most controversial chapters in modern banking history: the handling of Nazi-linked assets. At the center of this renewed scrutiny stands the integration of Credit Suisse into UBS, the appointment of key legal figures such as Reto Hosli, and the ongoing investigation led by Neil Barofsky. Filipuzzi says:

Reto Hosli (Ex Credit Suisse Director and the man who signed up Ludwig Freude inheritance data), was named UBS Director (Legal). During 2005 and 2009 , he managed assets and inheritance at Credit Suisse.

Reto Hosli (Ex Credit Suisse Director and the man who signed up Ludwig Freude inheritance data), was named UBS Director (Legal). During 2005 and 2009 , he managed assets and inheritance at Credit Suisse.

A Key Appointment Raises Questions

In recent developments, Reto Hosli, a former director at Credit Suisse, has been appointed as Legal Director at UBS. The move might have gone largely unnoticed in ordinary circumstances. However, Hosli’s professional past places him at a sensitive intersection of wealth management, inheritance structures, and historical accountability.

Between 2005 and 2009, Hosli managed a firm within Credit Suisse specializing in asset management and inheritance services—areas closely linked to dormant accounts and long-unclaimed funds. More notably, he has been associated with documentation concerning the inheritance linked to Ludwig Freude, an Argentine-based businessman with ties to the Nazi regime and post-war financial networks.

Such a background inevitably invites scrutiny at a time when UBS is under pressure to address unresolved questions inherited from Credit Suisse. The legal stewardship of these issues now falls, at least in part, under Hosli’s purview.

The Barofsky Investigation: A Turning Point

The renewed focus on Nazi-era accounts gained momentum following the appointment of Neil Barofsky as an independent investigator. Commissioned after advocacy from organizations such as the Simon Wiesenthal Center, Barofsky was tasked with reassessing Credit Suisse’s historical conduct during and after World War II.

His findings, presented in a detailed 75-page report, have significantly altered the scope of the issue. Rather than the previously acknowledged handful of accounts, Barofsky identified approximately 890 accounts linked to Nazi individuals or entities. These include accounts tied to arms manufacturers, officials of the Third Reich, and mechanisms used to transfer assets looted from Jewish victims. Filipuzzi adds:

Meanwhile, Barofsky got 890 nazi accounts inherited by UBS from Credit Suisse plus 150 nazi accounts from the 90’s Volcker Commission. At the end of this year 2026, he will  publish the final assessment concerning nazi accounts at UBS. Probably gonna end in an agreement between World Jewish Congress (Mr. Lauder) and UBS (maybe Mr. Barofsky and Madam Levi) of U$S 1.200.- millions for the undisclosed nazi accounts to the Volckers Commission.

According to Barofsky, the implication of Credit Suisse was “much more extensive than previously understood.” Evidence suggests not only passive custody of funds but active facilitation in certain cases, including financial services provided to entities associated with the Schutzstaffel (SS).

Hidden Archives and Allegations of Concealment

Perhaps most damaging are allegations that Credit Suisse had identified some of these accounts as early as the 1990s but failed to disclose them during earlier investigations. This raises the possibility that prior settlements were based on incomplete information.

During the 1990s, Swiss banks, including Credit Suisse, reached a landmark settlement of approximately $1.25 billion with Holocaust survivors and their families. This agreement followed the work of the Volcker Commission, which identified a limited number of suspect accounts—far fewer than those now alleged.

Barofsky’s findings suggest that at least 150 additional Nazi-linked accounts identified during that era may not have been fully disclosed. Combined with the newly uncovered 890 accounts, the scale of the issue has expanded dramatically.

Further complicating matters are documents indicating that Credit Suisse may have supported post-war relocation efforts for Nazi officials, including assistance in Argentina. This echoes longstanding historical research into escape networks—often referred to as “ratlines”—that facilitated the movement of former Nazi personnel to South America.

UBS Inherits a Controversial Legacy

The acquisition of Credit Suisse by UBS in 2023 fundamentally changed the institutional landscape. UBS, now the world’s largest wealth manager, inherited not only assets and clients but also legal and reputational liabilities.

To its credit, UBS has cooperated with Barofsky’s investigation, granting access to archives and resources. Barofsky himself acknowledged this cooperation in his report to US lawmakers. However, the bank’s legal strategy has also drawn criticism.

UBS has filed legal motions aimed at preventing the reopening of compensation claims linked to the 1990s settlement. This move is widely interpreted as an effort to limit financial exposure, particularly in light of potential new claims arising from the expanded number of accounts.

The tension between transparency and liability is now at the heart of UBS’s position.

The Role of the World Jewish Congress

As the investigation progresses, attention is turning toward possible resolutions. The World Jewish Congress, led by Ronald Lauder, is expected to play a central role in negotiations.

Historically, the World Jewish Congress has been instrumental in securing restitution agreements with Swiss banks. Observers anticipate that a new settlement could emerge following the final publication of Barofsky’s report, expected by the end of 2026.

Speculation suggests that any agreement could involve compensation in the range of $1.2 billion, reflecting both the newly identified accounts and those previously undisclosed to the Volcker Commission.

On the UBS side, leadership figures such as Colm Kelleher and Sergio Ermotti—rather than the rumored “Karofsky and Levi”—would likely be involved in high-level negotiations. Their challenge will be balancing fiduciary responsibility with moral accountability.

A Broader Historical Reckoning

The renewed investigation underscores a broader issue: the difficulty of achieving closure on historical injustices involving complex financial systems.

Swiss neutrality during World War II has long been a subject of debate. While Switzerland avoided direct involvement in the conflict, its financial institutions played a significant role in international transactions, including those involving Nazi Germany.

Critics argue that banking secrecy laws enabled the concealment of looted assets and hindered post-war restitution efforts. Defenders counter that modern standards cannot be retroactively applied to historical contexts.

Barofsky’s findings, however, suggest that the issue is not solely historical. The alleged concealment of information in the 1990s indicates that decisions made decades after the war may have perpetuated injustice.

Legal and Ethical Implications

The potential reopening of claims raises complex legal questions. Can settlements reached in good faith be revisited if new evidence emerges? What obligations do successor institutions have for the actions of acquired entities?

UBS’s legal filings indicate a preference for finality. Yet political pressure, particularly from the United States, may push toward renewed negotiations. Senator Chuck Grassley has been a vocal advocate for continued investigation, emphasizing the importance of transparency.

From an ethical perspective, the case highlights the enduring impact of financial systems on historical memory. Bank accounts are not merely numbers on a ledger; they represent assets, lives, and stories interrupted by one of history’s greatest atrocities.

Behind the figures—890 accounts, 150 additional cases, billions in potential settlements—are individuals and families. Many victims of the Holocaust never recovered their assets, and their descendants continue to seek recognition and restitution.

The discovery of new accounts offers both hope and frustration. Hope, because it may lead to further acknowledgment and compensation. Frustration, because it raises questions about why these accounts were not disclosed earlier.

Organizations like the Simon Wiesenthal Center have emphasized that the goal is not only financial compensation but historical truth.

Looking Ahead to 2026

As the final Barofsky report approaches, all eyes are on UBS and its response. The outcome could set a precedent for how financial institutions address historical liabilities in an era of increasing transparency.

A negotiated settlement with the World Jewish Congress appears likely, though its scope and terms remain uncertain. Whether it will satisfy all stakeholders is another question.

For UBS, the challenge is not only legal but reputational. The bank must navigate the delicate balance between defending its interests and acknowledging a legacy it did not create but now owns.

For the broader financial industry, the case serves as a reminder that history is never entirely settled. Archives can be reopened, narratives revised, and responsibilities reassessed.

The unfolding story of Credit Suisse’s Nazi-era accounts and UBS’s inherited responsibilities illustrates the complex interplay between history, finance, and justice. Figures like Reto Hosli, institutions like UBS, and investigators like Neil Barofsky are now part of a narrative that extends far beyond balance sheets.

As 2026 approaches, the anticipated final report and potential settlement may bring a measure of closure. Yet the deeper questions—about accountability, transparency, and memory—are likely to endure.

In the end, this is not only a financial story. It is a historical reckoning, still in progress. Pedro Filipuzzi says he has:

been working at Telefónica and. Barofsky with the original American Black List from the COMISIÓN ESPECIAL INVESTIGADORA DE ACTIVIDADES ANTIARGENTINAS DEL CONGRESO NACIONAL…involving IG FARBEN COMPLEX (BAYER, HOESCHT, BASF, AGFA, etc) plus SIEMENS, KRUPP DEUTSCHLAND, REIHNMETALL, KRAUSS-MAFFEI, CREDIT SUISSE, UBS, and more than 1.000 other nazi accounts.

been working at Telefónica and. Barofsky with the original American Black List from the COMISIÓN ESPECIAL INVESTIGADORA DE ACTIVIDADES ANTIARGENTINAS DEL CONGRESO NACIONAL…involving IG FARBEN COMPLEX (BAYER, HOESCHT, BASF, AGFA, etc) plus SIEMENS, KRUPP DEUTSCHLAND, REIHNMETALL, KRAUSS-MAFFEI, CREDIT SUISSE, UBS, and more than 1.000 other nazi accounts.

*June 2020: Cry for me Argentina : l’extraordinaire liste nazie

*May 2020: La Mission de P. Filipuzzi

*September 2023,: ‘Credit Suisse Must Investigate Servicing of Nazi Clients’ (US Senate)

*January 2024: The Deal of the Century ‘is not a gift’ (UBS CEO)

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