Nearly three decades after the Holocaust bank settlement was meant to close the books on Nazi-era assets, UBS, Switzerland’s financial titan, is once again facing allegations that its vaults still hold the echoes of that past.
Documents and intelligence obtained by the Ami Magazine investigation by Riva Pomerantz, reveal that UBS — through its absorption of the Basler Handelsbank — may have inherited secret accounts linked to Nazi officials and industrial collaborators that were never disclosed during the 1998 restitution process.
If proven, the claims could reopen one of the most significant and morally charged financial settlements of the 20th century.
The Case That Wouldn’t Stay Closed
The 1998 Swiss Banks Settlement, approved by U.S. District Judge Edward Kormann, awarded $1.25 billion to Holocaust survivors and heirs. It was intended to end decades of legal and moral conflict. The remaining archives were sealed under federal custody and placed in the Jewish Museum of Washington, where they remain to this day.
But new legal filings argue that critical accounts — including so-called “Führer Accounts” opened by Nazi officials through the Basler Handelsbank — were never part of the official restitution process.
“This isn’t about revisiting history,” says Dr. Gerhard Podovsovnik, Vice President of AEA Justinian Lawyers, who represents Rabbi Ephraim Meir, the current legal heir to several of the disputed accounts. “It’s about finally telling it truthfully.”
A Legal Bombshell: Fraud on the Court
Podovsovnik’s legal team has invoked Fraud on the Court, a rarely used but far-reaching U.S. legal doctrine that nullifies settlements if evidence was concealed or falsified.
“Fraud on the Court doesn’t fade with time,” Podovsovnik told Minsk Mirror. “If UBS misled a U.S. judge, every legal barrier falls. The settlement is void, and the truth must come out.”
The case could compel UBS to release decades of internal records — including wartime ledgers, merger archives, and coded account lists — many of which have never been publicly reviewed. If the bank fails to comply, Podovsovnik says, the next step would be a global asset freeze across UBS-controlled entities.
The Mossad Trail
According to Ami Magazine and intelligence sources reviewed by Minsk Mirror, Mossad financial analysts helped trace postwar transactions linking Nazi-era assets to modern UBS structures. The funds, originally held as gold and foreign currency, were allegedly transformed into postwar securities and distributed through U.S.-registered shell companies and European investment vehicles.
“These are not assumptions or rumors,” Podovsovnik said. “They’re documented transfers — Nazi wealth turned into postwar investments. Some of it still sits in accounts under UBS’s jurisdiction today.”
Sources close to the investigation describe the findings as “comprehensive and verifiable,” pointing to transfer records that could prove decisive in U.S. court.
The Lauder Factor
Ronald Lauder, president of the World Jewish Congress, and one of the key figures behind the 1998 restitution deal, says as much as $10 billion in Nazi-linked deposits were excluded from the original settlement.
“We achieved closure, but not completion,” Lauder said in a statement. “The moral account is still open. If UBS holds these funds, it holds a responsibility far greater than any balance sheet.”
His renewed call for transparency has already drawn attention from the U.S. Senate Banking Committee, which is investigating dormant Nazi-linked accounts previously managed by Credit Suisse, now part of UBS following its 2023 acquisition.
UBS’s Response and the Moral Ledger
UBS maintains that it fully complied with the terms of the 1998 settlement and continues to cooperate with all inquiries. However, legal experts argue that cooperation is meaningless if the archives remain closed.
“UBS has inherited not just accounts, but a legacy,” says Professor Matthieu Leimgruber of the University of Zurich. “Until the bank opens its wartime ledgers, Switzerland’s moral neutrality remains unproven.”
Under Fraud on the Court, time is not a defense. Once deception is shown, courts must reopen the case — and may pursue RICO (Racketeer Influenced and Corrupt Organizations Act) penalties for coordinated concealment, allowing for triple damages.
“The system may move slowly,” says Podovsovnik, “but the law is patient. Truth doesn’t expire.”
The Next Reckoning
The U.S. Senate Banking Committee is expected to release its updated report on Holocaust-era accounts before the end of the year. If the evidence aligns with the new filings, courts could order:
- A reopening of the 1998 Swiss Banks Settlement,
- A RICO investigation into systemic concealment, and
- A forensic audit of UBS’s wartime and postwar ledgers.
The implications reach far beyond UBS’s boardrooms. For restitution advocates, it represents the unfinished work of a generation; for Switzerland, it is a question of national conscience.
“We are not chasing vengeance,” Podovsovnik concludes. “We are pursuing truth. Every sealed vault, every hidden ledger, every forgotten name must come to light. That’s not history — that’s justice.”
Editor’s Note:
This article is based on Ami Magazine’s October 2025 investigation by Riva Pomerantz, along with corroborating intelligence and legal materials.
Several allegations remain under verification and active judicial review.
