UBS Loses Legal Bid to Clarify 1999 Holocaust Asset Accord

UBS Group AG failed to persuade a US judge to clarify a 1999 legal settlement about claims against Swiss banks over their handling of Nazi victims during the Holocaust.

US District Judge Edward Korman turned aside the bank’s request to define more clearly the $1.25 billion accord in which UBS and other banks expected protection from all new financial claims. UBS has been locked in a dispute in federal court in Brooklyn, New York, with the Simon Wiesenthal Center, a US-based group known for its pursuit of Nazis.