More than twenty-five years after the historic Holocaust bank settlement was meant to close the book on Nazi-era assets, new evidence is reigniting one of the most sensitive financial scandals of the 20th century.
Documents, legal filings, and intelligence reviewed by the Abu Dhabi Times — first uncovered in Ami Magazine’s October 2025 investigation by Riva Pomerantz — suggest that UBS, Switzerland’s largest bank, may have inherited and concealed Nazi-linked deposits originally held by the Basler Handelsbank, a prewar financial institution absorbed by UBS after World War II.
The revelations have triggered renewed calls for accountability from lawmakers, historians, and restitution advocates on both sides of the Atlantic.
A Settlement That Left Questions Unanswered
When U.S. District Judge Edward Kormann approved the 1998 Holocaust-era Swiss Banks Settlement, it was hailed as the final act in a painful chapter of European history. The deal awarded $1.25 billion to Holocaust survivors and heirs and placed the remaining archives under federal seal at the Jewish Museum of Washington.
But according to new intelligence and court submissions, not all assets were disclosed. Investigators now allege that UBS retained accounts belonging to Nazi officials, industrialists, and collaborators — assets never included in the restitution process.
“This is not reopening the past,” says Dr. Gerhard Podovsovnik, Vice President of AEA Justinian Lawyers, who represents Rabbi Ephraim Meir, heir to several of the missing accounts. “It’s about finishing justice that was only half done.”
Mossad’s Financial Trail
According to findings reviewed by Ami Magazine and corroborated by intelligence sources, Mossad traced postwar financial networks that hid Nazi assets through Delaware shell corporations, European holding companies, and U.S.-registered securities — funds that may still be under UBS management.
“These are not speculative links,” Podovsovnik told the Abu Dhabi Times. “We have verified transfer chains showing Nazi gold converted into postwar securities. The assets exist, and they fall under American jurisdiction.”
The implications, he says, are enormous. “Fraud on the Court — that’s the U.S. legal doctrine we’re invoking — doesn’t just reopen a case. It invalidates everything built on deception.”
Fraud on the Court — The Legal Turning Point
In U.S. law, Fraud on the Court refers to deliberate deception of a federal judge through suppression or falsification of evidence. If proven, it nullifies any related settlement or judgment.
“Once deception is established,” says Podovsovnik, “the court must reopen the case — no matter how much time has passed. The law demands it.”
UBS could soon face an Order to Show Cause and a Discovery Order requiring it to disclose wartime ledgers, merger records, and offshore trusts dating back to 1933. If it fails to comply, courts may impose global asset freezes until full transparency is achieved.
Billions Still Missing
Ronald Lauder, president of the World Jewish Congress and a negotiator of the original 1998 settlement, now believes that as much as $10 billion in Nazi-linked assets were left unresolved.
“The restitution process brought closure in name only,” Lauder said. “Switzerland’s banking system still has not told the whole truth. The world deserves that truth.”
His warning has captured the attention of the U.S. Senate Banking Committee, which is investigating dormant Nazi-linked accounts at Credit Suisse, now part of UBS following its 2023 merger.
UBS’s Moral Burden
Historians argue that this moment represents a defining test of Swiss banking’s credibility.
“UBS is more than a bank — it’s a symbol of Switzerland’s financial memory,” says Professor Matthieu Leimgruber of the University of Zurich. “If the archives remain closed, suspicion will remain permanent.”
UBS insists it complies fully with legal requirements and ongoing U.S. inquiries. Yet, restitution advocates insist compliance is not the same as transparency.
“The present UBS leadership didn’t commit the original wrongdoing,” Podovsovnik says. “But if they know and fail to disclose, they become accessories after the fact. Silence is complicity.”
The Past Returns
The sealed archives from the 1998 settlement — stored under Judge Kormann’s authority — could soon become the center of renewed litigation. Among the files, investigators believe, are the so-called “Führer Accounts”, coded deposits created by senior Nazi figures and later hidden through postwar mergers.
“We’re not reopening history,” Podovsovnik says. “We’re completing it. Every buried ledger must come to light. This isn’t revenge — it’s law.”
What Comes Next
The U.S. Senate Banking Committee is expected to release its findings by the end of 2025. If corroborated, the results could lead to:
- The reopening of the 1998 Swiss Banks Settlement,
- A RICO investigation into asset concealment, and
- A forensic audit of UBS’s wartime and postwar records.
Whatever the outcome, the repercussions may extend far beyond Zurich’s Paradeplatz.
“Justice has no expiration date,” says Podovsovnik. “If UBS won’t open the vaults voluntarily, the courts — and history — will open them instead.”
Editor’s Note:
This article is based on Ami Magazine’s October 2025 investigation by Riva Pomerantz and corroborating legal and intelligence materials.
Some allegations remain under review by judicial authorities and independent historians.
