Swiss Banks Agree on Compensation of Holocaust Victims
At a glance:
- Series: Great Events: 1900-2001
- Categories: Social Issues, Reform, and Protest, Diplomacy, International Relations, Foreign Affairs, Economics, Crime, Law, Legal History, Courts
- Subcategories: Embargoes, Sanctions, Banks, Banking, Finance, Holocaust
- Curriculum: 20th & 21st Century European History, Western Civilization/European History
- Geographical Location: New York City
- Date: August 12, 1998
Article abstract: U.S. sanctions and class-action suits force Swiss banks to return pre-1945 deposits to Holocaust survivors or their heirs.
Withdrawals Thwarted
When European Jews were threatened with annihilation under German chancellor Adolf Hitler’s regime (1933-1945), many placed their savings and valuable possessions in Swiss banks for safekeeping. Switzerland maintained neutrality, and its banks had developed a labyrinthine system of secrecy in their manner of conducting business. After the Allies defeated the Germans in 1945, it was determined...
[The entire page is 1065 words long]
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