The Volcker Commission, also known as the Independent Committee of Eminent Persons (ICEP), was established in 1996 to investigate the accounts lying dormant since the Second World War in various banks in Switzerland.
The committee was headed by former United States Chairman of the Federal Reserve Paul Volcker and was composed of three representatives from the Swiss Bankers Association and three appointed by Jewish organizations.
Due to Switzerland's status as a neutral country bordering on Germany and Austria, many Jews fleeing the Holocaust deposited large amounts of money and valuables in Swiss banks.
A number of times after the end of World War II, Swiss banks came under criticism for their behaviour, particularly over the issue of the handling of dormant accounts, most of which were presumed to have belonged to victims of the Holocaust.
[7] In 1998, a United States class-action lawsuit resulted in a settlement of $1.25 billion by the two largest Swiss banks, which is supposed to cover claims by victims and their heirs.