In Senate Judiciary Committee Hearing, Durbin Questions Witnesses About Investigation Into Nazi-Linked Swiss Bank Accounts

In Senate Judiciary Committee Hearing, Durbin Questions Witnesses About Investigation Into Nazi-Linked Swiss Bank Accounts

In today's Senate Judiciary Committee hearing, Durbin called for a resolution to the legal dispute over additional documents needed to complete an investigation into Nazi-linked Credit Suisse accounts

WASHINGTON - U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, questioned witnesses in today's Senate Judiciary Committee hearing entitled "The Truth Revealed: Hidden Facts Regarding Nazis and Swiss Banks," which conducted oversight of an ongoing investigation by the Swiss bank UBS into Nazi-linked Credit Suisse accounts.

Durbin began his questioning by asking about the status of 150 documents, all of which pertain to a 1998 settlement between Credit Suisse and Holocaust survivors, that have been the center of a dispute in the investigation. Mr. Neil Barofsky, a witness in today's hearing and the independent ombudsperson overseeing Credit Suisse's investigation into its historical Nazi ties, has not been able to access these documents for his investigation. UBS claims that these records may be protected by attorney-client privilege.

Durbin asked Ms. Barbara Levi, Group General Counsel for UBS Group, which acquired Credit Suisse in 2023, and Mr. Robert Karofsky, President of UBS Americas: "I think you have made it clear that you believe your institution [UBS] has made a good faith effort to disclose information and to bring justice to this issue. The settlement agreement, the last payment was made seven or eight years ago, and it was $1.3 billion in total… It still, at this point, puzzles me that there is a difference of opinion as to whether you have made full disclosure of relevant materials and facts. You had said in your testimony that your institution has disclosed 16.5 million documents provided to the ombudsperson, and that there is a dispute over 150 documents remaining… Would you please clarify why you have not produced the disputed 150 documents?"

Ms. Levi replied that UBS is looking into possible options to provide the documents to Mr. Barofsky.

Durbin then asked Rabbi Abraham Cooper, Associate Dean and Director of Global Social Action at the Simon Wiesenthal Center (SWC), and Mr. Barofsky about the importance of these documents to the investigation.

"Why do you believe these documents… are so critically important that this matter is still in litigation?" Durbin asked.

Rabbi Cooper replied: "It is not about the number of documents. It is really about our last chance to learn the full truth."

Mr. Barofsky emphasized that his interest in obtaining the documents stems from outstanding questions about specific Nazis and Nazi enablers who may have had accounts with Credit Suisse, not about combing through privileged communications between lawyers and their clients. Outside of the legal dispute over the 150 documents, Mr. Barofsky praised UBS's cooperation with his investigation, calling their willingness to work with him "picture-perfect."

Durbin concluded his questioning by asking Mr. Karofsky if he expects the dispute to be resolved in the near future.

"Mr. Karofsky, your testimony, written and oral, is an effort by your institution to be helpful and come clean. It appears in the situation, for several months, you have been at loggerheads, in dispute over these documents. Is there any chance we can resolve this in the near term?" Durbin asked.

Mr. Karofsky noted that his organization has provided 16.5 million documents and access to 18 archives across seven countries for Mr. Barofsky's investigation. Mr. Karofsky further expressed his willingness to support the investigation and work toward resolving the legal dispute over the documents.

Video of Durbin's questions are available here.

Audio of Durbin's questions are available here.

Footage of Durbin's questions are available here for TV Stations.

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