The Claims Resolution Tribunal for Dormant Accounts in Switzerland
Löwenstrasse 19
P.O. Box 7589
Zurich, Switzerland
Telephone: 41-1-215-52-52
Telephone from the United States: 011-800-0123-0456
web: www.crt.ch
(link coming soon)

Overview of The Claims Resolution Procedure

The Claims Resolution Tribunal

The Claims Resolution Tribunal is an independent institution under the supervision of the Independent Committee of Eminent Persons ("ICEP"), chaired by Paul A. Volcker, and the Swiss Federal Banking Commission.   It has been established to resolve all claims to dormant accounts opened by non-Swiss customers that have been published by the Swiss Bankers Association.   Prof. Hans Michael Riemer has been appointed as the chairman of the Tribunal.   Prof. Riemer is a professor of law at the University of Zurich and an experienced judge.   Currently, he is a member of the highest court of Zurich and an alternate justice at the Swiss Federal Supreme Court.   Prof. Riemer, with 15 arbitrators from the United States, Canada, England, Switzerland, Israel and other countries, will resolve all claims to dormant accounts.   All of the arbitrators have extensive experience in international arbitration or banking matters and have been appointed to serve on the Tribunal and to resolve your claim in a fair and just manner.

Prof. Riemer and the arbitrators have been appointed by the Board of Trustees of the Independent Claims Resolution Foundation.   The Chairman of the Foundation's Board is Paul A. Volcker who also chairs the ICEP that is currently performing an independent investigation of dormant assets of the World War II-era in Swiss banks.   Prof. René Rhinow, a member of the Upper House of the Swiss Parliament, and Israel Singer, Secretary General of the World Jewish Congress, are the other members of the Board of Trustees.   The Independent Claims Resolution Foundation is administering the Claims Resolution Tribunal and has adopted the Rules of Procedure for the claims procedure.   The Board of Trustees, however, will not itself resolve any claims to dormant accounts.

Important Features of the Claims Resolution Procedure

The Claims Resolution Procedure has been established to provide you with an easy-to-understand and flexible procedure to resolve your claim to a dormant account.   These are the most important features of the Claims Resolution Procedure:
  • The Claims Resolution Procedure is free of charge for all claimants.   The costs for the Claims Resolution Procedure are borne by the Swiss banks from their own funds.

  • The Claims Resolution Tribunal is impartial and independent from the Swiss banks.

  • The Claims Resolution Tribunal is charged with resolving all claims in an expedited procedure and not later than one year after publication of the dormant account.

  • The Claims Resolution Tribunal will review your claim under relaxed standards of proof based on whatever information you are able to provide.   If your claim is plausible in light of all circumstances, the Claims Resolution Tribunal will approve your claim.

  • The Claims Resolution Tribunal has the authority to adjust awards to take into account interest and bank charges.   The Claims Resolution Foundation has commissioned a panel of economic experts to establish guidelines to be applied by the Claims Resolution Tribunal for interest and fees adjustments.

Thanks to these features, the procedure before the Claims Resolution Tribunal has important advantages over other available means of redress and is very well situated to achieve a fair and prompt resolution of your claim.   The Claims Resolution Tribunal has been established to make it as easy as possible to decide your claim and to assist you throughout the procedure.   Because the procedure is clear and simple, you are not required to retain a lawyer, although you may elect to be represented by a lawyer or assisted by a person of your choice.

How to Submit your Claim to the Claims Resolution Procedure

You have the opportunity formally to submit your claim for decision by the Claims Resolution Tribunal by signing the enclosed Claims Resolution Agreement.   Please follow these steps:
  1. Carefully read the Claims Resolution Agreement.   Enclosed you will find the Agreement in the official English version.   You will have to sign and return the Claims Resolution Agreement in order to have your claim decided by the Claims Resolution Tribunal.

  2. Carefully read this booklet to appreciate and understand the Claims Resolution Procedure, how it works, and what advantages it offers you.

  3. If all of your questions are not answered after reading this booklet, please feel free to contact the Claims Resolution Tribunal who is prepared to answer your questions in further detail.   You can reach them at [+ 41 1 215 54 20] and toll-free from the United States at [011 800 0123 0456] from 8 a.m. to 6 p.m. Swiss time on weekdays.

  4. If you decide to submit your claim to the Claims Resolution Tribunal, please return the signed Claims Resolution Agreement to the Ernst & Young Contact Office in Basel in the enclosed envelope.

  5. Unless you check the appropriate box in the Claims Resolution Agreement and specifically request that your claim be treated confidentially, the decision of your claim, including your full name and the name of the account holder, will be published.
It is your choice to sign the Claims Resolution Agreement.   If you elect not to submit your claim to the Claims Resolution Tribunal and not to take advantage of the special procedure for resolving your claim to a dormant account, you will have to pursue your claim independently without the assistance of the Tribunal and its staff.

After you Sign the Claims Resolution Agreement

After you sign and return the Claims Resolution Agreement in the enclosed envelope to the Ernst & Young Contact Office in Basel, the Claims Resolution Tribunal will appoint a sole arbitrator or a panel of three arbitrators to resolve your claim.   The Tribunal will inform you promptly of this appointment, and you will be given the opportunity to submit additional information in support of your claim.

If the facts of your case are uncomplicated or the bank holding the dormant account in question accepts your claim, a fast track procedure will apply and your account will be paid out within about one month from the time of submission.   All other cases will be resolved in the ordinary procedure before a sole arbitrator if the balance of the account is below 3,000 Swiss francs or by a panel of three arbitrators for larger amounts.   All claims are to be resolved within one year from time of the publication of the dormant accounts.   The arbitrators determine the facts and the law that apply to your claim.   Based on the circumstances of your particular claim, they will give you further direction on how to proceed and which documents and information to provide.

The Independent Committee of Eminent Persons
20 rue de Candolle (3rd Floor), 1205 Geneva, Switzerland
email: info@icep-iaep.org    &    icep-iaep.org :web