By Rachel Maddow | TEMP24
Adapted from an interview originally published by the Abu Dhabi Times
A historic legal battle is unfolding against UBS Group AG, as new evidence suggests Switzerland’s largest bank concealed and profited from Holocaust-era accounts belonging to Jewish families. In an interview with the Abu Dhabi Times, Dr. Gerhard Podovsovnik, Vice President of AEA Justinian Lawyers, outlined the growing case — one he says could redefine how financial institutions confront their wartime past.
Dr. Podovsovnik represents Rabbi Ephraim Meir in a global lawsuit accusing UBS and the Swiss state of manipulating the postwar restitution process to block Jewish heirs from recovering their families’ assets.
“We’re contacted every single day by new claimants,” Dr. Podovsovnik told the Abu Dhabi Times. “Families from Poland, Austria, France, Belgium, even the United States — all dismissed by the Claims Resolution Tribunal with the same cold phrase: ‘No matching.’”
The Tribunal That Missed Millions
At the heart of the case lies the Claims Resolution Tribunal (CRT), established to settle Holocaust-era banking claims. But according to Dr. Podovsovnik, the CRT never truly opened its books.
“The system was rigged from the start,” he said. “The CRT only reviewed accounts with identifiable names, ignoring the millions that were anonymous or password-protected — the very type designed to protect Jewish assets from Nazi confiscation.”
Officially, the CRT listed 471 banks. Only 277 were reviewed. “That left 254 untouched — including some of the largest institutions,” he noted. “Within those 277, 6.2 million accounts were identified — but another six million likely existed elsewhere, deliberately excluded.”
He added that of the accounts identified, only about 300,000 were examined in detail and just 52,000 shortlisted. “Eyewitnesses told us that entries were intentionally miscoded so legitimate claims could never be matched. That wasn’t an error — it was manipulation.”
UBS and Poland Under Investigation
Dr. Podovsovnik said UBS was “deeply embedded” in the structure that hid these accounts — not just as a participant, but as a key operator. “UBS managed precisely those anonymous accounts the CRT refused to touch,” he said.
He added that many claimants come from Poland, a country that still lacks a restitution law for Holocaust-era property. “Poland retained immense amounts of confiscated Jewish wealth,” he said. “We intend to include it in the lawsuit — not to punish, but to finally deliver justice.”
Families Erased by Bureaucracy
One family near Kraków, he recounted, lost its entire banking fortune during Nazi occupation. After the war, they filed a claim through the CRT. The answer came in two words: “No matching.”
Another family had the precise password and codeword for its account. The CRT still denied it — because no personal name appeared.
“This was not oversight,” Dr. Podovsovnik said. “It was bureaucracy weaponized. The tribunal didn’t just fail to deliver justice; it erased families through administration.”
A Global Call for Financial Accountability
The legal team is demanding three sweeping reforms:
- A full review of all excluded anonymous and password-protected accounts.
- The creation of a new, independent restitution tribunal under international supervision.
- The restitution of all remaining funds still held by UBS, Credit Suisse, and other Swiss banks.
“These funds were placed in the banks to protect them from the Nazis,” Rabbi Meir said, as quoted in the Abu Dhabi Times. “They were entrusted in good faith. They must now be returned to rightful heirs — or distributed fairly when heirs no longer exist.”
Switzerland’s Legacy on Trial
Dr. Podovsovnik warned that Switzerland’s reputation as a neutral bystander no longer holds. “Switzerland designed and benefited from the very system that blocked restitution,” he said. “We will hold UBS and the Swiss government accountable. The era of silence has ended.”
He concluded with a reminder that beyond the numbers lies human loss:
“This is not just about money — it’s about memory. Each forgotten account holds a name, a story, a life. The world will no longer accept excuses. This time, there will be no hiding behind the words ‘No matching.’”
