UBS filed a request on March 10 2026 with a U.S. judge to limit the bank’s exposure to new Holocaust‑related litigation arising from Credit Suisse’s World War II activities. The request follows a 2020 investigation that uncovered 890 accounts with potential Nazi links, prompting renewed scrutiny of the bank’s wartime operations.
The bank argues that the 1999 $1.25 billion settlement, intended to resolve all claims related to Holocaust assets, already covers any future claims. UBS seeks to prevent new lawsuits that could impact its financial statements and reputation, arguing that the settlement provides “complete closure.”
The Simon Wiesenthal Center opposes the request, asserting the settlement does not cover all claims and that new litigation is necessary to address uncovered assets. The center also criticizes UBS for withholding approximately 150 documents that could shed light on the bank’s wartime activities, citing attorney‑client privilege as the reason for the refusal.
UBS’s lawyer David Burns said the bank wants “complete closure” and that the center should not be allowed to “promote public controversy” or file new claims. Senator Chuck Grassley has called the bank’s conduct “absurd” and a “historic shame.” The judge has not yet set a ruling date, leaving the outcome uncertain.
The request underscores the legal and reputational risks that continue to shadow UBS’s 2023 acquisition of Credit Suisse, as the bank navigates inherited liabilities and regulatory scrutiny.
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