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US court quashes Nazi-era funds case against Deutsche, Credit Suisse

A U.S. court dismissed a lawsuit by a Jewish trust claiming $3 billion from Deutsche Bank AG and Credit Suisse Group AG, citing lack of "personal jurisdiction" over the banks, Bloomberg News reported.

The Wertheim Jewish Education Trust, formed in 2016, claimed that the banks have refused to provide lawful heirs of businessman Karl Wertheim access to "hundreds of millions of dollars" that Wertheim inherited from his father, who died in 1899.

Wertheim opened an account with Credit Suisse after he moved his businesses to Spain from Germany in 1931, according to the report. The Swiss bank protected the depositor's funds and identity, but it and Deutsche have refused since 2006 to assist the lawful heirs in recovering the fortune, now estimated to be worth $3 billion.