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The accounts holding assets stolen from Holocaust victims were still active fifty years after the war. Nobody was fined. The gold was returned only after a lawsuit that took longer than the war itself.
Credit Suisse and other Swiss institutions assigned code names to accounts holding Nazi-deposited assets during the war, including monetary gold looted from occupied countries and confiscated from individuals before deportation.
The accounts remained open after 1945.
The Volcker Commission, auditing Swiss bank records from 1996, identified approximately 54,000 accounts with probable or possible links to Holocaust victims. Swiss banks had previously claimed the number was a few hundred.
A class action settlement reached $1.25 billion in 1998, 53 years after the war ended. No bank was fined by any regulator. No criminal charges were filed.
The code names protected the accounts for half a century. A lawsuit ended it. Regulation did not..
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