Hundreds Of Nazi-Linked Accounts Discovered At Credit Suisse

February 3, 2026 7:04 pm
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A U.S. Senate investigation and an independent review of Credit Suisse’s archives have uncovered hundreds of previously undisclosed accounts tied to the Nazi regime, including many held by Nazi officials, intermediaries, and entities that helped move and hide assets before, during, and after World War II.

What the new investigation found

  • Investigators reviewing Credit Suisse and its predecessor banks’ internal archives identified “scores” of individuals and entities directly connected to Nazi atrocities with accounts at the bank.​

  • The probe also found several hundred accounts linked to alleged Nazi intermediaries who helped hide gold, launder looted Jewish assets, and support the Nazi war economy.​

  • Among these were accounts associated with high-ranking SS officers and people involved in postwar “ratlines” that enabled Nazi war criminals to escape Europe.

Why “undisclosed” accounts matter

  • Many of these relationships and accounts were not reported during earlier major inquiries in the 1990s and 2000s, including the Volcker Commission and the Swiss bank settlements with Holocaust survivors, suggesting prior investigations received incomplete information.

  • Senate investigators accused Credit Suisse of a historical “pattern of obstruction,” saying the bank narrowly interpreted document requests and failed to share some files pointing to Nazi connections.​

Historical background on Swiss banks and Nazi-era assets

  • Swiss banks, including Credit Suisse, were widely used by European Jews seeking a safe place for their assets, but they also did business with German and Axis-linked clients, and for decades many dormant accounts of Holocaust victims remained undisclosed or unresolved.

  • In the 1990s, Swiss banks admitted to thousands of dormant Holocaust-era accounts and agreed to a multibillion‑dollar settlement, but the latest findings indicate that Credit Suisse’s Nazi‑linked exposure was deeper than the public record had shown.

What happens next

  • UBS, which acquired Credit Suisse in 2023, has committed to cooperate with the independent ombudsperson, Neil Barofsky, to complete a comprehensive review of these historically Nazi‑linked accounts.

  • Barofsky’s team is expected to deliver a final report around early 2026, which should clarify the full number and nature of the Nazi‑related accounts, the bank’s past handling of them, and any remaining avenues for restitution or disclosure.

In 1998, Swiss banks agreed to a global, court‑supervised settlement of 1.25 billion dollars to resolve Holocaust‑era claims over dormant accounts and other Nazi‑era dealings.

How the settlement came about

  • In the mid‑1990s, Holocaust survivors and heirs sued major Swiss banks, mainly UBS and Credit Suisse, over unreturned deposits and alleged destruction or concealment of wartime records.

  • Negotiations among the banks, the World Jewish Congress, other Jewish organizations, and U.S. officials led to an agreement in principle in August 1998 for a 1.25 billion‑dollar “global settlement.”

  • The formal Settlement Agreement was signed on January 26, 1999 and later approved by U.S. District Judge Edward Korman in Brooklyn.

Who paid and who was released

  • The settlement fund was paid primarily by UBS and Credit Suisse, and in exchange, plaintiffs agreed to release Swiss banks, the Swiss government, and various Swiss entities from future Holocaust‑related civil claims tied to World War II and its aftermath.

  • Payments were made into a court‑controlled fund over several years, with the first 250 million dollars due within 90 days of the agreement.​

Who was eligible for compensation

The settlement defined several classes of eligible victims and heirs:

  • Depositors and heirs with dormant or unreturned Swiss bank accounts from the Nazi era.

  • People whose assets were looted by Nazis or collaborators and then allegedly laundered through Swiss banks.

  • Former slave and forced laborers under Nazi rule (two laborer categories).

  • Refugees fleeing Nazi persecution who were turned back at or mistreated at Swiss borders.

How the money was distributed

  • The court appointed a Special Master, Judah Gribetz, and used the Claims Resolution Tribunal in Zurich to process and decide bank‑account claims.

  • For documented accounts, awards were based on audited “book values” adjusted back to 1945 and multiplied by 10 to approximate long‑term Swiss investment returns; where balances could not be verified but ownership was credible, a flat 125,000‑dollar award was recommended.​

  • A large share of the remaining funds went to other categories of Nazi victims and needy survivors worldwide, including forced laborers and refugees, even if they had never had a Swiss account.

Scale and impact

  • Over time, the program disbursed roughly 1.28–1.29 billion dollars to more than 450,000 Holocaust survivors and heirs, slightly exceeding the original 1.25 billion‑dollar fund because of investment income.

  • The case became a landmark in using civil litigation and negotiated settlements to address historical injustice, influencing later reparations discussions and standards for corporate accountability for wartime conduct.

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