FROM THE OFFICE OF PUBLIC AFFAIRS

Judge Edward R. Korman, Chief Judge, United States District Court for the Eastern District of New York, today issued his decision in the Holocaust Victim Assets Litigation. He found that the settlement agreement with the Swiss banks is fair, reasonable and adequate, and warrants final approval.

I applaud the seriousness and comprehensiveness of Judge Korman's decision.

The Administration facilitated the settlement agreement discussions because of its importance to assuring that the victims receive a measure of justice and its importance to strengthening our relations with Switzerland.

A special master, Judah Gribetz, will file a proposed allocation and distribution plan within 30 days. We hope that such a plan will be approved by the Court as soon as possible so that distribution of the settlement funds to the victims can commence as soon as possible. The victims have waited long enough.

Any action or development that might delay payments to victims would cause us great concern. We applaud the cooperation of the two major Swiss banks in achieving this settlement. We hope that other entities in Switzerland cooperate with the Court, and provide information on accounts and databases, to assure that the settlement agreement can be fully implemented.

This agreement is good for all the parties involved: the victims, the Swiss banks, and the other parties in Switzerland that will receive releases from the settlement agreement. This agreement is also good for U.S. - Swiss relations.