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The World Jewish Congress lawsuit against Swiss banks was launched in 1995 to retrieve deposits made into the three largest Swiss banks (UBS, Credit Suisse and Swiss Bank Corporation) by victims of Nazi persecution during and prior to World War II.
The Commission was established by a memorandum of understanding on May 2, 1996, between the World Jewish Restitution Organization, the World Jewish Congress and the Swiss Bankers Association. The MOU indicated two objectives for the committee: "(a) to identify accounts in Swiss banks of victims of Nazi persecution that have lain dormant since ...
During the Second World War, Switzerland was the hub of European gold trade. 77% of the German gold shipments abroad were arranged through it. Between 1940 and 1945, the German state bank sold gold valued 101.2 million Swiss francs to Swiss commercial banks and 1,231.1 million francs through the Swiss National Bank (SNB).
In 1998, according to the New York Times and the Chicago Tribune, anti-Semitism increased in Switzerland in reaction to the then heightened scrutiny of the country's actions during the Second World War and the World Jewish Congress lawsuit against Swiss Banks. A yearlong study found that inhibitions against the open expression of racist views ...
His disclosure was one of the factors prompting a US$1.25 billion settlement between multiple Swiss banks and Jewish victims in August 1998. Meili was entitled to $750,000 of the settlement. He returned to Switzerland having spent all his settlement money and to mixed reception by Swiss papers.
The World Jewish Congress lawsuit against Swiss banks was launched to retrieve these deposits in 1995. The issue of the assets of the Holocaust victims in Israel was first raised in 1997 by Prof. Yossi Katz , who published his finding in the article "Forgotten Property.
In connection with the proceedings initiated in 1995 regarding heirless Jewish assets at Swiss banks, Hug was tasked by the Swiss government to investigate what happened to assets held in Swiss banks by citizens of Poland, Hungary, Romania, and other Eastern European countries, many of whom were Jewish.
The Humanitarian Fund for the Victims of the Holocaust was created by the Swiss Bankers Association (SBA) as a result of the "Meili Affair".The fund enabled the Swiss financial industry to participate in the process of paying reparations to the victims of Nazi looting during World War II that was abetted by Swiss banks and the failure of Swiss life insurance companies to honor the policies of ...