Over several objections, a Southern District judge has approved a $40 million settlement of claims brought by Holocaust survivors against banks in Austria and Germany.

Saying “it is unlikely that any sum of money, no matter how large, could ever be thought of righting the wrongs committed during the Holocaust,” Judge Shirley Wohl Kram said the settlement is designed to ensure swift compensation for victims. The ruling paves the way for payments to finally be made to thousands of plaintiffs in In re Austrian and German Bank Holocaust Litigation, 98 Civ. 3938.

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