BREAKING NEWS

Swiss banks’ Holocaust fund pays out $1.24 billion

By JTA

JULY 16, 2013 09:47

Holocaust survivors and victims’ heirs have received $1.24 billion from a Swiss fund set up in 1998 following a scandal over dormant accounts of Jews killed in World War II, according to a Jewish weekly.

The Swiss-Jewish weekly Tachles said the figure appeared in a report by New York judge Edward Korman, who oversees the management of the fund.

Korman’s report summed up operations since a landmark 1998 deal between the World Jewish Congress and Swiss banks. Under the accord, the banks paid a $1.25 billion settlement, which was transformed into US government bonds.

The banks were accused of keeping money owned by Jews who had hidden funds in secret accounts in neutral Switzerland but then perished in the Holocaust, and of stonewalling heirs who tried to track down the money.

Within the fund, a total of $800 million was destined for account holders and their heirs.

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