A new wave of evidence has reopened one of the darkest chapters in global finance.
More than two decades after the 1998 Holocaust bank settlement was meant to end all disputes over Nazi-era assets, investigators are once again looking at UBS — now accused of concealing accounts that never made it into the restitution process.
This report builds on Ami Magazine’s October 2025 investigation by Riva Pomerantz, whose findings, supported by legal filings and intelligence sources, suggest that UBS inherited and hid deposits originally managed by the Basler Handelsbank, a pre-war Swiss institution later absorbed into the bank’s operations.
The Settlement That Didn’t End the Story
When U.S. District Judge Edward Kormann approved the 1998 Holocaust-era Swiss Banks Settlement, he described it as “the final accounting.” Over $1.25 billion was distributed to claimants, while sealed archives were transferred to the Jewish Museum of Washington, where they remain under federal custody.
But recent evidence suggests that not every account was disclosed. According to Israeli and U.S. investigators, significant deposits belonging to Nazi officials and collaborators were kept off the books — hidden through numbered accounts and postwar consolidations.
“This isn’t reopening history,” says Dr. Gerhard Podovsovnik, Vice President of AEA Justinian Lawyers, who represents Rabbi Ephraim Meir, heir to a cluster of Nazi-era accounts. “We’re finishing it. Justice doesn’t expire just because time passes.”
Tracing the Missing Accounts
Podovsovnik’s legal team has filed new claims invoking Fraud on the Court, arguing that UBS misled the judiciary during the 1998 proceedings by failing to reveal certain wartime deposits. If proven, the finding could void the original settlement entirely.
“Fraud on the Court is the most serious violation in U.S. law,” Podovsovnik told MirNews. “When a federal court is deceived, every judgment built on that deception must be undone. The bank must open every ledger, every archive, every trust.”
The claims center on at least six principal and twelve sub-accounts once linked to Nazi officials, collectively referred to as the “Führer Accounts.” None were mentioned in the postwar restitution records.
Mossad’s Role and Financial Forensics
According to sources cited in Ami Magazine and reviewed by MirNews, Mossad intelligence provided a crucial breakthrough. Tracing transaction chains from the 1940s to the 1960s, analysts found evidence that Nazi-linked gold and foreign currency were converted into securities and layered through U.S.-registered shell companies and European investment vehicles — assets that allegedly remained under UBS control.
“These are not rumors or guesswork,” says Podovsovnik. “We have verified chains of transfer. The assets exist, and many of them are in American jurisdiction. That means the law can reach them.”
Lauder’s Renewed Warning
Ronald Lauder, president of the World Jewish Congress, who helped negotiate the original 1998 settlement, has called for a complete audit. He estimates between $5 and $10 billion in Nazi-linked deposits were never fully resolved.
“Back then, the world wanted closure,” Lauder said in a statement. “But closure without truth is just concealment. The archives must be opened, no matter how uncomfortable the findings.”
His position has drawn support from members of the U.S. Senate Banking Committee, which is currently reviewing dormant accounts once managed by Credit Suisse, now part of UBS.
The Legal Stakes
Under American law, Fraud on the Court occurs when a party intentionally deceives a federal judge or conceals key evidence. If substantiated, the court must reopen the case, regardless of time limits.
“This is the legal red line,” explains Podovsovnik. “The moment proof of deception appears, everything resets. UBS can no longer claim finality.”
Legal experts say the implications extend beyond restitution. Concealment of wartime assets could also trigger penalties under the Racketeer Influenced and Corrupt Organizations Act (RICO), which allows triple damages for coordinated fraud.
UBS and the Question of Responsibility
UBS insists it has complied with all court orders and continues to cooperate with ongoing U.S. inquiries into legacy accounts. However, historians and restitution advocates say the bank’s own archives — particularly those inherited from the Basler Handelsbank — remain off-limits.
“UBS holds the documentary DNA of Switzerland’s financial past,” says Professor Matthieu Leimgruber of the University of Zurich. “Until those records are public, suspicion will persist.”
Podovsovnik argues that UBS’s current leadership must act now. “They didn’t create this,” he says. “But if they know the truth and keep silent, they become accessories after the fact. Silence is complicity.”
What Comes Next
The U.S. Senate Banking Committee is expected to release an updated report on Nazi-era assets before the end of the year. If the evidence stands, U.S. courts could order:
- Reopening of the 1998 Swiss Banks Settlement,
- A RICO investigation into concealment networks, and
- A forensic audit of all UBS-controlled wartime accounts.
Whatever the outcome, one conclusion is inescapable:
the sealed archives of 1998 may no longer remain sealed much longer.
“We’re not demanding vengeance,” says Podovsovnik. “We’re demanding truth. If UBS doesn’t open the vaults willingly, the courts will open them for them.”
Editor’s Note:
This article is based on Ami Magazine’s October 2025 investigation by Riva Pomerantz and corroborating materials.
Some claims remain under legal and historical review and have not yet been independently verified.
