Banks still paying for old crimes decades later

A recent court decision shows just how long shadows from the past can stretch. A US judge rejected a big bank’s attempt to avoid responsibility for dealing with Nazi-linked accounts that only came to light years after lawsuits were settled. In 1999, UBS and Credit Suisse paid out $1. 25 billion to over 458, 000 victims of Nazi persecution. That money covered accounts directly tied to the Holocaust era. But Swiss banks keep digging up new connections to that dark time. An investigation from 2020 found Credit Suisse had at least 890 accounts possibly linked to Nazis—accounts that weren’t part of the original settlements. Now UBS, which took over Credit Suisse in a government rescue deal last year, wants protection. It asked a judge if the 1999 agreement could shield it from future claims based on these newly discovered facts. The judge said no.

The refusal matters because it confirms banks can’t hide behind old deals when new evidence shows they worked with Nazi criminals. Even after massive payouts, hidden records keep the story alive. Groups like the Simon Wiesenthal Center argued allowing such protection would let banks rewrite history to avoid more consequences. Without a real case filed, the judge said the original settlement will stand on its own. Banks must understand past mistakes can’t be buried forever.

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