Association for the Location and Recovery of Holocaust Survivors’ Property, bank agree to resolve four-year dispute via arbitration proceeding. Association claims bank holds some NIS 300 million, bank says figure incorrect

Zvi Lavi Published: 08.25.09, 19:36 / Israel News

Bank Leumi and the Association for the Location and Recovery of Holocaust Survivors’ Property have agreed to an arbitration proceeding in order to resolve the dispute surrounding the bank’s holding of funds deposited in its accounts by Jewish clients before World War II.

Should the heirs of the Holocaust survivors represented by the association prove their case, the bank would have to turn over the assets it has been holding.

The dispute dates back to 2005, when the association surveyed the banks in Israel for any remaining assets belonging to people who perished during the war.

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