Although both banks claims that they have received no formal notice of the lawsuit, it is believed that US lawyer Ed Fagan will soon file a £35bn suit on behalf of the victims of apartheid.
The Swiss newspaper claims that the case will be built on the fact the Swiss banks continued to have dealings with South Africa's apartheid regime between 1985-1993, despite the fact that international sanctions were in operation against the country.
Both banks will no doubt vigorously contest any lawsuit. A Credit Suisse spokesperson has already described the accusations as 'preposterous'. UBS said that there was 'no basis for the suit.'
UBS And Credit Suisse In Apartheid Suit
Swiss newspaper Sonntags Zeitung reports that UBS and Credit Suisse face a lawsuit in a US court in respect of their business dealings in South Africa during apartheid.
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