Inside a Class Action: The Holocaust and the Swiss Banks

On October 21, 1996, attorney Michael Hausfeld, with a team of lawyers, filed a class-action complaint against Union Bank of Switzerland, Swiss Bank Corporation, and Credit Suisse on behalf of Holocaust victims. The suit accused the banks of, among other things, acting as the chief financiers for Nazi Germany. Hausfeld wanted to use the suit to prove that the banks not only concealed and refused to return millions of dollars in dormant accounts, but that they acted as a conduit for looted ...