NEW YORK (Reuters) — A US judge on Tuesday rejected UBS’s bid to clarify a $1.25 billion settlement from 1999 of Holocaust-related litigation against Swiss banks by shielding it from claims based on new revelations about Nazi-linked accounts.

US District Judge Edward Korman in Brooklyn, New York, said UBS was seeking an advisory opinion protecting it from “hypothetical” lawsuits that haven’t been filed.

“Until a genuine case or controversy arises that requires judicial interpretation of its terms, the agreement will continue to speak for itself,” Korman wrote.

UBS did not immediately respond to requests for comment.

The Simon Wiesenthal Center, a Jewish human rights group, had argued that UBS’s proposal would improperly expand the 1999 settlement to encompass newly uncovered facts about banks’ dealings with the Third Reich. Its lawyers did not immediately respond to requests for comment.

UBS sought Korman’s intervention after an investigation commissioned in 2020 by the former Credit Suisse uncovered additional ties between that bank, its predecessors and Nazis, including 890 accounts with potential Nazi links.

The $1.25 billion was paid by UBS and Credit Suisse, and distributed to more than 458,000 Nazi victims and their families.

UBS bought Credit Suisse in a Swiss government-arranged emergency takeover in 2023.

Are you relying on The Times of Israel for accurate and timely coverage of the Iran war right now? If so, please join The Times of Israel Community. For as little as $6/month, you will:

Support our independent journalists who are working around the clock under difficult conditions to cover this conflict;

Read ToI with a clear, ads-free experience on our site, apps and emails; and

Gain access to exclusive content shared only with the ToI Community, including weekly letters from founding editor David Horovitz.

We’re really pleased that you’ve read X Times of Israel articles in the past month.

You clearly find our careful reporting of the Iran war valuable, at a time when facts are often distorted and news coverage often lacks context.

Your support is essential to continue our work. We want to continue delivering the professional journalism you value, even as the demands on our newsroom have grown dramatically during this ongoing conflict.

So today, please consider joining our reader support group, The Times of Israel Community. For as little as $6 a month you'll become our partners while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.

Thank you,David Horovitz, Founding Editor of The Times of Israel

1 ‘I’m very upset’: Trump says US tried to arm Iranian protesters, but guns were diverted

2 Four members of the Gershovitz family identified as victims of Haifa missile attack

3 Inside storyHamas given until week’s end to accept disarmament proposal — sources

4 Trump: US has plan to destroy every bridge and power plant in Iran Tuesday night if no deal

5 Israel launches fresh strikes in Beirut as Hezbollah faces homegrown anger over new war

6 US, IDF strikes hit Iranian rail and Kharg Island; Israel faces ongoing missile attacks

7 Mojtaba Khamenei reportedly in ‘severe’ condition, unable to govern Iran

8 Netanyahu said to ask Trump not to move forward with Iran ceasefire at this stage

Holocaust restitution

Holocaust reparations

© The Times of Israel