Finally, Holocaust Reparation Deal Reached

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.