Rather than looking for surviving relatives to deliver proceeds from art sales, Swiss banking giant USB is accused of exploiting family name in creating a bogus foundation.
Heirs of a German-Jewish couple whose vast art collection was confiscated by the Nazis have filed lawsuits against a Swiss bank they accuse of cheating them out of their inheritance.
Edgar Degas’ ‘Danseuses’, which was auctioned in 2009. – Photo: AFP
The lawsuits were filed recently in New York and Switzerland against global banking giant UBS and a foundation it controls, the New York Times reported on Friday.
According to the relatives of Ludwig and Margret Kainer, the bank claimed to be acting on behalf of the couple’s heirs, but instead channeled proceeds from art sales and German reparations to a foundation created by Swiss bank officials. Continue Reading »