Swiss Bank Settlement

In late 1996 and early 1997, a series of class action lawsuits were filed in the United States District Court for the Eastern District of New York against certain Swiss banks. In the course of these lawsuits, the parties commenced settlement discussions, facilitated by then-Under Secretary of State Stuart Eizenstat. In August 1998, the parties reached an agreement to settle the lawsuits for U.S. $1.25 billion. The distribution of the funds for this settlement has proceeded under the supervision of the Court, which has designated the Claims Resolution Tribunal to process claims against Swiss banks. There are other aspects to the Swiss bank settlement that involve insurance claims and claims for slave and forced labor.

Information about the settlement can be found at these web sites:

• The Claims Restitution Tribunal;
• The Swiss Bankers Association (list of dormant accounts); and
• Holocaust Victim Assets Litigation.

The deadline for filing claims under the settlement has closed. The above sites provide information on the settlement, including updates on the progress made in adjudicating claims. Those who believe they have a claim on an account or a dormant account in a Swiss bank, but have missed the filing deadline, may wish to contact either the Claims Resolution Tribunal or the Swiss Bankers Association for information on how to proceed.