Arya News - A Senate panel grilled UBS officials Tuesday over withholding documents sought in a probe of Holocaust-era assets stolen by Nazis and held at Credit Suisse.Neil Barofsky, an ombudsman tasked with investigating funds stolen from Holocaust victims, told the panel that 150 or more key documents are being withheld by the Swiss banking giant, which acquired Credit Suisse in 2023.
A Senate panel grilled UBS officials Tuesday over withholding documents sought in a probe of Holocaust-era assets stolen by Nazis and held at Credit Suisse.
Neil Barofsky, an ombudsman tasked with investigating funds stolen from Holocaust victims, told the panel that 150 or more key documents are being withheld by the Swiss banking giant, which acquired Credit Suisse in 2023.
"What we"re talking about are documents that are relevant to the question of whether a Nazi had an account or didn"t have an account at Credit Suisse," said Barofsky.
The former prosecutor has documented numerous previously unknown Credit Suisse accounts linked to Nazi officials and unearthed the financial trajectory of many Nazis who fled to Argentina.
The clash over documents represents the latest hurdle in the probe after Barofsky was ousted by Credit Suisse in 2022, before being reinstated by UBS in 2023.
Barofsky said the dispute began in November. "Up until that point UBS cooperation has been picture perfect," he said.
He suspects the contested papers include information listing German clients, info on looted art and valuables, and other matters that are "very very core to the heart of our investigation."
UBS General Counsel Barbara Levi told the Senate Judiciary Committee the bank was committed to openness over past actions, but said it faced an "active threat" of litigation from the Simon Wiesenthal Center and other NGOs.
"We believe that bringing to light this information is extremely important," Levi said. "But at the same time, if the same organization threatens us of litigation, we are put in a very difficult situation."
Both UBS and Credit Suisse were part of a longstanding $1.25 billion settlement between Swiss banks and more than a half-million plaintiffs over looted assets from the Holocaust.
Levi described the accord as providing "final closure to the parties," covering both known and future claims.
"It cannot be that for every piece of information that comes to light, we get under the threat of litigation," Levi said.
"Where is the incentive then for any financial institution or any other institution to look into the past and bring this information to light?"
UBS on January 28 asked US District Judge Edward Korman for an order "clarifying the scope of the settlement."
Korman -- who approved the $1.25 billion Swiss bank settlement in 2000 -- set a hearing for March 12.
Senator Sheldon Whitehouse, a Rhode Island Democrat, said the dispute "seems like an unnecessary quarrel that is tainting both Mr. Barofsky"s ability to proceed and the reputation of the bank, which I think wants to be seen as cooperative and in good faith."
Senator Charles Grassley, an Iowa Republican who chaired the hearing, called UBS"s conduct an "historic shame that"ll outlive today"s hearing."
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