UBS inherited a six-year investigation into Nazi-linked accounts at Credit Suisse overseen by an ombudsperson it now accuses of exceeding his mandate and presenting a biased narrative. The bank has formally rejected his characterizations and disputed several requests for additional materials as outside the inquiry’s original scope.

Senate Judiciary Chairman Charles Grassley has signaled he may convene new hearings if UBS does not fully address outstanding questions, citing concerns over the bank’s candor and commitment to a thorough investigation. In response, UBS has emphasized its extensive cooperation, noting the voluminous documentation it has submitted.

UBS reports having produced more than 48 million pages of documents and spent in excess of $250 million on the probe—including over $100 million paid to the ombudsperson’s law firm since 2021. Ongoing political scrutiny raises the prospect of additional legal expenses, potential fines, and significant reputational damage.