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Holocaust Survivors OK $1.2 Billion Deal
Associated Press
August 14, 1998
Accepting a $1.25 billion settlement with Swiss banks, Holocaust survivors may finally be able to reclaim their families' savings that had disappeared for half a century from WWII era accounts. Now that U.S. lawyers and Jewish groups have finally gained legal access to the stolen money, the obligation will fall on Switzerland's two largest commercial banks, UBS AG and the Credit Suisse, to deliver promptly payments to victims, many of which are elderly or ill.
Morris Ratner represents some of the claimants and took part in the settlement negotiations. Ratner noted, however, that because of the difficulty in verifying and organizing claims for the tens of thousands of claimants, the first payment to an individual can not reasonably be expected for at least six months.