UBS Faces Accusations of Withholding Documents in Investigation of Credit Suisse's Nazi-Era Accounts

WASHINGTON — An independent investigation into Credit Suisse's historical accounts with ties to Nazi activities during World War II is facing delays due to withheld documents from UBS, which acquired Credit Suisse in 2023. The probe examines potential looting of Jewish assets and connections to Nazi escape networks.

Around 23,000 documents remain redacted or withheld from the investigator, according to testimony submitted to Congress on April 13, 2026.

The investigation is led by Neil Barofsky, who serves as an independent ombudsman. Barofsky's team, working with forensic research firm AlixPartners, has been unable to access 127 instances of possible asset looting by Nazi-affiliated clients. Additionally, leads into Credit Suisse's links to the SS and post-war Nazi escape routes known as "ratlines" to Latin America remain unexplored due to these restrictions.

Barofsky also reported that UBS lawyers are reviewing another 1 million pages for potentially privileged information, which have not yet been provided. 25 billion settlement agreement with Holocaust victims originally reached by Credit Suisse in the 1990s. The settlement terms were assumed by UBS following its acquisition of Credit Suisse in a $3 billion emergency takeover in March 2023.

Investigation Findings and Historical Context The probe has so far identified nearly 900 Credit Suisse accounts with potential ties to Adolf Hitler's war efforts.

A 2020 report by the Simon Wiesenthal Center disclosed links between up to 12,000 Nazis who fled to Argentina and accounts at a Credit Suisse predecessor bank. Rabbi Abraham Cooper, associate dean of the center, testified before the Senate Judiciary Committee in February 2026 that prior investigations into Swiss banks' roles were incomplete, particularly regarding Nazi-linked accounts and financial networks that aided in safeguarding proceeds and escaping justice.

Barofsky was initially appointed and then rehired under congressional pressure to oversee the review of these Nazi-linked accounts.

He revealed initial findings in February 2026. The investigation is expected to conclude by the end of 2026, though UBS has set an internal deadline of July 31, 2026, for completing document productions.

Congressional Response and Bank Statements Senate Judiciary Chairman Chuck Grassley stated on April 13, 2026, that UBS's approach to the investigation may prevent important historical facts from coming to light.

Grassley sent letters to UBS general counsel Barbara Levi and President of UBS Americas Robert Karofsky, requesting responses to Barofsky's testimony by April 24, 2026. The letters address unanswered questions from the committee's inquiry. 5 million remained unhanded over to Barofsky.

However, private emails to Barofsky's team indicated thousands more documents were being held. Some documents listed as single items actually contain over 1,000 pages each, according to Barofsky's testimony. UBS general counsel Barbara Levi stated that Barofsky's access to all files depends on a court order.

A UBS representative told the New York Post on April 13, 2026, that the bank has committed resources to the historical review and intends to deliver a final report by the end of the year. The bank described withheld documents as a limited set protected by attorney-client privilege, related to 1990s litigation and the 1999 settlement agreement, separate from the World War II-era activities under review.