Campaign begins to distribute Swiss bank funds to Holocaust survivors

Tens of thousands of Holocaust survivors were on Tuesday called to file their claims for the $1.25 billion settlement agreed to by two Swiss banks nearly a year ago.

Tens of thousands of Holocaust survivors were on Tuesday called to file their claims for the $1.25 billion settlement agreed to by two Swiss banks nearly a year ago.

Two major Swiss banks – UBS and Credit Suisse – and the World Jewish Congress agreed on the funds in an out-of-court settlement last August, in connection with a class action suit by 31,000 plaintiffs against Swiss banks.
Dozens of newspapers in 40 countries were on Tuesday carrying an advertisement with a coupon application, a toll-free phone number for questions relating to the law suit as well as an explanation of how individuals with a claim can “opt out” of sharing in the class action settlement, should they want to do so.

An Internet address – www.swissbankclaims.com – was also providing information about the law suit and how to file claims.

News conferences in Tel Aviv, Berlin, Budapest, Johannesburg, Moscow, Paris and New York were spelling out who will be eligible and how they can apply.

In Tel Aviv, a lawyer for the plaintiffs told a news conference that the plan would address financial — and not moral — restitution for Jewish victims of the Holocaust.
“Today is the first practical step in undoing some of those (financial) crimes,” said Mel Erlbach, whose father was a slave labourer in Poland during the Holocaust.

The deadline for applications to be submitted is October 22 and Elan Steinberg, the head of the WJC, said payouts should start by the second half of next year.

Under a claims plan approved in New York by U.S. District Judge Edward Korman, there are four categories of claimants:

– Those with rights to assets deposited in Switzerland during the Nazi era.

– Those whose valuables were plundered by the Nazis on the assumption that the valuables may have made their way to neutral Switzerland, which was a key relay point for gold, art works and other treasures.

– Slave labourers whose work profited Swiss companies.

– Refugees who were turned back from the borders of Switzerland and then fell victim to the Nazis.

A court-appointed “master” must still decide such details as whether heirs – and, if so, what type of heirs – should also be included. The master’s final report is to be submitted to Korman by late December.

Under the out-of-court settlement, UBS and Credit Suisse paid the first installment of $250 million into an escrow account last year. The rest of the money will be paid out in three annual installments starting this year.


Sources: AP, APD