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Holocaust payout close to $1 billion

Nearly $1 billion (SFr1.08 billion) in restitution from Swiss banks had been disbursed to Holocaust victims by the end of 2007, according to a United States court.

This content was published on February 1, 2008 - 14:29

The fund was established after Jewish groups launched legal action against Swiss banks in the 1990s, alleging complicity in Nazi-era war crimes.

The country's two largest banks, UBS and Credit Suisse, agreed to a settlement in 1998 and paid $1.25 billion.

The fund is overseen by a court in New York.

Almost half of the settlement is for the owners of dormant Holocaust-era accounts and their heirs.

In total, there are 432,750 people eligible to receive restitution.

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