UBS Rejects 6-Year Nazi-Accounts Probe Narrative as Senate Scrutiny Intensifies
Updated
Updated · Bloomberg · May 21
UBS Rejects 6-Year Nazi-Accounts Probe Narrative as Senate Scrutiny Intensifies
1 articles · Updated · Bloomberg · May 21
UBS said the U.S. lawyer overseeing a six-year inquiry into Credit Suisse’s handling of Nazi-linked accounts was biased and had exceeded his mandate, escalating its clash with critics in Washington.
In a website statement released alongside fresh responses to a Senate committee, the bank said it rejected the ombudsperson’s account in many respects and argued his reporting was not objective, accurate or fair.
The dispute centers on a long-running probe into how Credit Suisse handled accounts linked to the Nazi era, an issue UBS inherited through its takeover of the former rival.
Senate pressure has pushed UBS to be more transparent in the case, turning the historical review into a live political confrontation between the Swiss bank and U.S. lawmakers.
Is UBS's 'privilege' claim a valid defense or a tactic to obstruct a historic investigation into Nazi-linked accounts?
With 23,000 pages withheld, what is UBS hiding about Credit Suisse's Nazi-era dealings that the 1999 settlement didn't cover?