UBS Group AG has refused to surrender privileged documents sought by investigators probing Credit Suisse's handling of Nazi-linked accounts, following a court ruling against the bank. The Swiss financial giant argued handing over the files could expose it to new financial claims, despite the probe's focus on Credit Suisse's past practices. This refusal marks a significant escalation in the long-standing dispute over the settlement of dormant accounts linked to victims of Nazi persecution. UBS maintained the documents were protected by legal privilege, a stance that failed to sway the court.

The outcome leaves the investigation into Credit Suisse's legacy unresolved, potentially impacting ongoing settlement efforts and investor confidence in both institutions. Credit Suisse faces continued scrutiny over its historical role, while UBS risks reputational damage and potential legal exposure by withholding evidence.