New York city and state officials last week dropped the threat of sanctions against Swiss banks and companies, after UBS AG, Credit Suisse Group, and Holocaust survivors reached a settlement.

UBS and Credit Suisse agreed to pay Holocaust survivors $1.25 billion over three years to settle claims that the banks withheld assets of victims of Hitler's genocide and helped Nazi Germany profit from looted gold.

In July, U.S. state and local financial officials said they would impose sanctions on Credit Suisse, UBS, and other companies unless the banks settled the claims of Holocaust victims.

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