The Austrian bank Österreichische Creditanstalt – Wiener Bankverein was taken over by the Nazis in 1938 following the Anschluss and renamed the Creditanstalt Bankverein (CABV). During World War II, the CABV expanded into the Czech Lands, Slovakia, Hungary, Poland, Ukraine, Yugoslavia, Romania and Bulgaria. By 1942, it fell fully under the control of the Deutsche Bank. Over the last 50 years, many pre-Anschluss Jewish account holders never received compensation for the funds that were looted from their accounts.
In 2000, a $40 million agreement was negotiated between Bank Austria (which acquired the Creditanstalt in 1998) and American class action lawyers stipulating that survivors and heirs could make a claim for outstanding bank accounts, securities, saving books, money sent to concentration camp prisoners, or loss of private property. The deadline for filing the claim was May 31, 2000. By December 2000, 60,000 claims had been received, of which 20,000 have been processed.
For more information contact:
Schlam, Stone, & Dolan
Counsel to the Individual Claims Committee
Austrian Bank Holocaust Litigation Settlement
P.O. Box 852, New York, NY 10274-0852
Tel: (212) 269-4568
E-mail: abs@schlamstone.com
The Claims Conference negotiated a separate settlement for $5 million, to be used for the benefit of Austrian Jewish Holocaust survivors.
The Austrian Holocaust Survivor Emergency Assistance Program (2003-2006) was established by the Claims Conference to provide limited support for hardship needs of former Austrian Nazi victims.It is funded primarily with funds from this settlement with Bank Austria and funds from the Austrian government.The allocations are as follows:
- Israel ($2,168,446)
- USA ($3,434,340)
- Former Soviet Union ($0)
- Other ($4,997,214)
The information presented herein is intended for information purposes only and solely as a general guide. The information is not intended as legal advice. It is a summary of specific issues and does not represent a definitive or complete statement of the programs and policies of the agencies or governments mentioned. The information may not address the special needs, interests and circumstances of individual recipients. Individual situations differ and recipients are urged to seek individual advice. Individuals seeking specific information on a program are urged to contact the relevant program or to consult their social service agency or help center representative. To the best of our knowledge the information is correct as of the date of this document and this information may change subsequent to the said date. Updated January 2005
