LYCOS RETRIEVER 
Holocaust Reparations: Fund
built 208 days ago
Holocaust reparations are not limited to national entities. Survivors have received compensation for damages from corporate entities as well. After years of denying dormant accounts of Holocaust victims even existed, in 1997, Swiss banks produced a list of thousands of people with accounts that had seen no activity since the War. While the fund was an important step in acknowledging the role the Swiss played during the War, it was largely a public relations effort. The fund was voluntary and admitted no liability — the banks had set it up rather than acknowledge responsibility for laundering the profits of Nazi looting and slave labor in factories. They set up a voluntary fund to aid elderly survivors of the Holocaust, and contributions to the fund quickly mounted to $200 million.
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The recent push for Holocaust reparations, which resulted in European, domestic and international funds, left a significant gap pertaining to Nazi-looted art. Claims to Nazi-looted art are exploding, creating a tremendous problem for the art market. This Article concludes that the best remedy for the problem is the creation of an international tribunal with compulsory jurisdiction to resolve claims to Nazi-looted art in a manner akin to an equitable hybrid of mediation and binding arbitration. The Tribunal would provide justice to both individual claimants with strong claims and other claimants who probably could not win in court but are nonetheless deserving of relief. It ... would provide the repose so desperately needed by the art community. With the upcoming administration change in the White House, this idea has a realistic chance of being implemented and should be explored.
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Proponents of slavery reparations are encouraged by the Holocaust reparations cases of the 1990s Fagan helped argue and ultimately win. Germany, Austria and a host of European companies that used slave laborers during the Nazi era ultimately settled out of court, creating a $4 billion fund to pay claims to those who were enslaved.
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