Swiss banks have agreed to pay US$1.25 billion in settlement for assets
belonging to Holocaust survivors but held back by the banks - more than
double the "final offer" previously made by the banks.
In return, American public finance officers have dropped plans to impose
sanctions on Swiss banks.
The settlement is to cover all claims against Swiss banks, the Swiss
government, and Swiss industry that they failed to return Jewish assets to
Holocaust survivors and their heirs.
If the offer is accepted, survivors' representatives would waive the right
to make any future claims against these parties.
Israeli Prime Minister Binyamin Netanyahu's advisor on Diaspora affairs,
Bobby Brown, said all countries and companies that were involved in looting
Jewish assets were now on notice.
MIDDLE EAST DISPATCH reports that attention is now likely to turn to
insurance companies, as several lawsuits are pending over policies held by
holocaust victims but dishonoured by insurers.