Swiss Banks’ Shoah Fund ‘Paid Out $1.24B’

The Swiss-Jewish weekly Tachles said the figure was contained 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.

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 having given heirs the cold shoulder when they tried to track down the money.

Under the 1998 accord, the banks paid a $1.25 billion settlement, which was transformed into US government bonds.

Payouts were then overseen by Korman and the Swiss-based Claims Resolution Tribunal, which wrapped up its operations in 2012.

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