Swiss banks bet Holocaust offer restarts talks
Article Abstract:
Swiss banks Credit Suisse Group, Swiss Bank Corp. and Union Bank of Switzerland, believe that their offer to settle the class-action complaint brought by Holocaust victims in a US federal court will renew stalled negotiations before Jun. 30. 1998, the agreed deadline by both parties to reach a settlement. The Swiss banks offered to give $530 million into a so-called "rough justice" funds to settle the class-action complaint, which seeks damages from the banks for looted assets and dormant accounts. However, attorneys for the victims believe the offer is inadequate to settle the complaint and that the offer may not renew talks as hoped by the banks.
Comment:
Switz: Banks believe offer to settle class-action complaint will renew stalled talks before 6/30/98
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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UBS in pact to buy GAM for growth
Article Abstract:
UBS AG has reached an agreement to acquire Global Asset Management for $575 million and $675 million (552.1 million euros and 648.2 million euros). The move is intended to help UBS's private banking unit to attain growth targets over the next three years.
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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