CUTTING SWISS BANK TIES COULD COST L.A. $590,000.Byline: Patrick McGreevy Daily News Staff Writer The city of Los Angeles
Divesting from the three banks to protest their actions, as some are considering, would cost the city up to $590,000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the report by City Administrator Keith Comrie and Chief Legislative Analyst Ron Deaton. The report puts Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. in a strong position to affect the current legal dispute between the banks and relatives of Holocaust victims While victims of the Holocaust were primarily Jews, the Nazis also persecuted and often killed millions of members of other groups they considered inferior, undesirable or dangerous. seeking $88 billion, said Rabbi Abraham Cooper, associate dean at the Simon Wiesenthal Center  This article is currently semi-protected to prevent sock puppets of currently blocked or banned users from editing it. in Los Angeles. ``The possibility of divesting should be held out to the banks,'' Cooper said. ``If it is necessary, it could come to that.'' He also said the city should declare that there will be no new investments until the banks reach a fair agreement in the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The city report said the three banks that have been identified as having dormant accounts are the Union Bank of Switzerland, Credit Suisse and Swiss Bank Corporation
Swiss Bank Corporation (SBC) (German: Schweizerischer Bankverein (SBV), French: Société de Banque Suisse (SBS), Italian:Società di Banca Svizzera . The city has a $25 million letter of credit with the Union Bank of Switzerland for the city's wastewater program and a $100 million letter of credit with the same bank for the city Harbor Department. In addition, the Convention Center debt fund has an investment agreement worth $33 million with Credit Suisse through the year 2008 and the City Employees Retirement System has $4 million in holdings in Swiss banks, possibly including the three institutions named in the report. Terminating the letters of credit would cost the city up to $590,000, in addition to potential costs of finding new credit. A council committee delayed a decision on action until a final report with a divestment strategy is released next month. The Wiesenthal Center joined in filing the class-action lawsuit against Swiss banks, saying they should release hundreds of billions of dollars gained from Holocaust victims who died and therefore were unable to claim their accounts. |
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