Swiss Banks Reach Agreement over Holocaust Claims

On August 12, 1998, representatives of Swiss commercial banks and Holocaust survivors announced a settlement, in which the banks agree to pay $1.25 billion in reparations to victims of the Nazi area, in exchange for the dismissal of three class action suits (including one in D.C. Against the Government-owned Swiss National Bank) and recommendations by the victims groups that the state and local authorities cancel plans to impose sanctions...[more]