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Inside a Class Action: The Holocaust and the Swiss Banks
Hardcover
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ISBN13: 9780299193300
Publisher: Univ Of Wisconsin Pr
Published: Sep 23 2003
Pages: 304
Weight: 1.19
Height: 0.93 Width: 6.10 Depth: 9.42
Language: English
On October 21, 1996, attorney Michael Hausfeld, with a team of lawyers, filed a class-action complaint against Union Bank of Switzerland, Swiss Bank Corporation, and Credit Suisse on behalf of Holocaust victims. The suit accused the banks of, among other things, acting as the chief financiers for Nazi Germany. Hausfeld wanted to use the suit to prove that the banks not only concealed and refused to return millions of dollars in dormant accounts, but that they acted as a conduit for looted assets and slave labor profits. Such behavior, he charged, violated the code of ethics known as customary international law. On August 12, 1998, the plaintiffs and banks reached a $1.25 billion settlement.
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