UBS Group AG is fighting in a New York court to block potential billions in new claims tied to its wartime banking activities with Nazi-linked accounts. The dispute centers on whether a 1990s $1.25 billion settlement with Nazi victims covers future liabilities as a multi-year investigation nears completion.

At a Brooklyn federal court hearing, UBS attorney David Burns argued the bank needs judicial assurance against fresh restitution claims based on new revelations from the probe. The investigation, overseen by former US prosecutor Neil Barofsky, has already cost UBS hundreds of millions in legal fees and uncovered evidence of accounts held for Nazi SS officials and Argentine Immigration Office employees who helped war criminals escape to South America.

Senate lawmakers accused UBS of stonewalling during a February hearing, with Judiciary Committee Chairman Chuck Grassley calling the bank's conduct "a historic shame." UBS maintains it welcomes new findings but requires safeguards for attorney-client privilege before sharing remaining documents. The bank expects the investigation to cost another $100 million and has published an open Q&A defending its position while declining further comment.