Opinion ID: 771571
Heading Depth: 2
Heading Rank: 3

Heading: The Settlement's Terms

Text: 11 The key terms of the settlement are summarized below.
12 The Austrian Banks shall fund a Humanitarian Fund in the sum of $30 million to be disbursed in installments, with $15 million to be disbursed within 20 days of the settlement's effective date 2 and the remaining $15 million within one year after the prior payment. The Humanitarian Fund shall be used to pay Allowed Claims. 3 By a July 28, 1999 order, Judge Kram appointed the following three members to the Humanitarian Fund committee to administer the fund: (1) Simon Wiesenthal; (2)Miriam M. Robinson, Esq.; and (3) Rabbi Gilbert S. Rosenthal. 13 The Austrian Banks shall also pay $10 million as an Administrative and Interim Allowed Claim Fund payable within twenty days after the execution of the agreement. This fund will be used to pay administrative costs, to pay Interim Allowed Claims, and to fund a Historical Commission.
14 The Interim Allowed Claims settlement process will be used to expedite the review and award of allowable claims by the Honorable Theodore R. Kupferman. Any awards made pursuant to this process shall be deemed final, and are deducted from the sum due by the Austrian Banks for funding the Administrative and Interim Allowed Claims Fund. Any challenge to the reasonableness of the awards granted shall be made to the Court.
15 The Historical Commission will be created to ensure the preservation of documentation and information relating to the acts alleged in the Complaint, and to maintain a public archive of these materials, and to identify Class members. The Commission shall have access to the Austrian Banks' records and shall investigate and publish a report regarding the activities of the Austrian Banks during the Nazi era. 16 By a July 28, 1999 order, Judge Kram appointed the members of the Historical Commission: (1) Dr. Heinricht Senfft; (2) Professor Oliver Rathkolb; and (3) Dr. Theodore Venus.
17 Claims will be processed and valued by an Individual Claims Officer, subject to review on appeal by the Individual Claims Committee. The Committee shall consist of three members, the majority of which shall be, if possible, Holocaust survivors. This committee will establish standards to determine which claims shall be allowed and the amount of these claims. The Committee shall also have discretion to pay all or a portion of any claim on an expedited basis, subject to Court approval. Any disputes shall be resolved by the Court. 18 By a July 28, 1999 order, Judge Kram appointed the following members of the Claims Committee: (1) Paul D. Wachter, Esq.; (2) Hon. Theodore R. Kupferman; and (3) Guy Velella, Esq. 19
20 The Austrian Banks assigned to the Class any and all of its claims for restitution, indemnification, or contribution against any financial institution or commercial enterprise that exercised dominion or control over the Austrian Banks during the period of January 1, 1938 through December 31, 1946. 21 The Austrian Banks shall locate and provide to the Class all documents in their custody and control which relate to, or witnesses in their employ who have knowledge regarding, any claims that the plaintiffs have or may have against the German Banks, including but not limited to information concerning the exercise of control by the German Banks over the Austrian Banks.