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Judge approves $21.9M award in Holocaust case

[JURIST] US District Judge Edward R. Korman [official profile] Wednesday approved a $21.9 million award to heirs of families whose bank holdings were allegedly concealed and stolen by Swiss banks looking to gain favor with invading Nazis. Holocaust survivors and their families had sued several Swiss banks and accused them of stealing, concealing or sending hundreds of millions of dollars worth of Jewish holdings to the Nazis, and further destroying bank records to cover the paper trail. In 1998, Judge Korman approved a $1.25 billion settlement and appointed the tribunal to process thousands of claims, but Wednesday's award was the largest by far handed down against the banks. So far, $254 million has been awarded to Holocaust survivors, with the average award at $130,000. AP has more.

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