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`98 626 LX

39 month lease

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The World

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from page 39

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to the agreement in principle,
Steinberg added. But it could take far
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longer before any survivors see those
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funds.
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In the coming weeks, the World
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Jewish Restitution Organization —
03
DOWN
which is headed by WJC President
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Edgar Bronfman and includes the
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cruise and much more.
Jewish Agency for Israel and other
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SIGNING
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international Jewish groups — will
$1000
work with the American Jewish Joint
03
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Distribution Committee to come up
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0 39 month lease
$1449.99
with a distribution plan, Steinberg
DUE AT
said.
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He said that-the WJRO will seek to
Ea
have all proceeds of the settlement go
03
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- to survivors. "We are opposing any
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payment of contingency fees to
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He added that he hopes a final
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agreement can be reached with the
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court order mandating payments from
03
*All rebates to dealer. Plus tax, title, plates & doc. fees. Subject to credit approval
the settlement fund.
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MON. & THURS. 9-9,
The banks will also pay $333 mil-
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"The funds will be used for the
37911 Grand River (West of Halsted) • FARMINGTON HILLS
benefit of tens of thousands of
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Holocaust survivors worldwide," said
Steinberg, who estimated the total
worldwide survivor population at
S U M M E R
between 500,000 to 600,000.
The settlement covers "all material
assets" — including dormant
accounts, looted Nazi gold and securi-
ties the Nazis stole from Jewish vic-
tims — "stolen from the Jewish people
that wound up in Switzerland," he
said.
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The settlement is separate from the
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payments being made from a $170
million Swiss humanitarian fund that
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to maintain
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that fund.
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Steinberg said that anyone seeking
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humanitarian fund should not be con-
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participate in the proceeds from last
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"It is not our intention that the two
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funds will conflict," he said.
A large portion of the settlement
will be used to satisfy the claims of
survivors seeking the return of dor-
mant accounts held by Swiss banks.
Those claims are being processed
by
the Volcker Commission, a panel
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42 Detroit Jewish News

Chairman Paul Volcker investigating
the extent of the dormant accounts.
The commission could produce
unclaimed assets worth more than
$700 million, one source said.
For their part, the Swiss banks said
in a statement that they "look forward
to continuing their cooperation with
the Volcker Commission's efforts to
identify dormant accounts."
While the banks also described the
settlement as a "major milestone in
our efforts to insure that justice is
served," it remains unclear whether
UBS and Credit Suisse will be alone
in shouldering the $1.25 billion pay-
ment.
A spokesman for UBS told Swiss -
-Radio that while the Swiss National
Bank and other members of Swiss
industry had not participated in the
settlement negotiations, they might
want to "show their appreciation" for
an agreement that exempts them from
any further lawsuits.
Steinberg of the WJC recalled how
his group's efforts to get the Swiss
banks to confront their wartime past
began three years ago, when
Bronfman first negotiated with the
bankers.
The bankers never bothered to offer
Bronfman a chair during those first
talks, which soon concluded with their
offering $32 million to settle all
claims.
"That chair has cost them $2 bil-
lion," Steinberg said, referring to all
the costs, in addition to the settle-
ment, that the banks have incurred in
the succeeding years.
Steinberg, who was as clearly
pleased with the settlement as other
Jewish officials in the United States
and abroad, called it "a triumph for
justice and the cause of memory."
But, he added, "This was not about
the mass slaughter of the Jewish peo-
ple. We do not put a price tag on that.
This was about the goods that were
stolen from them."
A similar point was made by
Stuart Eizenstat, the U.S. undersecre-
tary of state for economic affairs who
has served as President Clinton's
point man on Holocaust restitution
issues.
While applauding the settlement as
a "historic and very positive develop-
ment," he said the "legacy of the
Holocaust should not be just gold and
money."
"It should be truth and facts," he
added, citing the importance of
Holocaust education, which "will out-
live the survivors and all of us."

❑

