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Swiss said to be 'cleansed' as Holocaust victims are repaid.

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It has been ten years since UBS and Credit Suisse agreed to pay back SFr 1.33 billion in assets to Holocaust victims or their descendents, and now all but SFr 218 million has been distributed.

In the mid-1990s, Switzerland was under increasing scrutiny when Jewish organisations raised questions about dormant Swiss bank accounts that held the assets of Holocaust victims. The country also faced allegations of colluding with Nazis during World War II. Two investigations--one commissioned by the Swiss government--uncovered evidence that Jewish refugees were turned away. Swiss companies were found to have profited from the Nazi war machine, and the central bank was found to have bought looted gold.

By the late 1990s, a number of US-based class action suits claimed damages against Swiss banks. Faced with allegations and threats of boycotts against Swiss business interests, the two biggest Swiss banks--UBS and Credit Suisse--finally released details of accounts belonging to Holocaust victims and agreed to pay SFr 1.33 billion to settle the claims. The fund is administered in the United States.

The banks' decision to pay up was, in part, thought to be because two Swiss banks wanted to merge into UBS--a deal that required U.S. regulatory...

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