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Holocaust Pact Wins Judge's Approval
New York Law Journal
May 11, 2001
Southern District Judge Shirley Wohl Kram cleared the way yesterday for the payment of billions of dollars in reparations to victims of the Holocaust. After refusing twice during the last four months to dismiss claims in 10 consolidated class actions charging that German and Austrian banks looted accounts and seized property during the Nazi-era's "Aryanization" campaign, Judge Kram said she felt that the remaining impediments to a proposed settlement in the cases had been removed.
Judge Kram said she was satisfied that certain claims holders would be adequately represented in the settlement. "I want to commend everyone for expediting these developments," Judge Kram stated.
The dismissal of the cases that make up In re Austrian and German Bank Holocaust Litigation, 98 Civ. 3938, was the last major bar to the payment of $5.4 billion to Holocaust victims from a foundation created last year called "Remembrance, Responsibility and Future," which is to be funded by contributions from the German government, as well as banks and corporations in that country.
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