In the late 1990s, Bronfman championed the cause of restitution from Switzerland for Holocaust survivors. Bronfman began an initiative that led to the $1.25 billion settlement from Swiss banks. This settlement aimed to resolve claims "that they hoarded bank accounts opened by Jews who were murdered by the Nazis". The Swiss banks, the United States Government, and Jewish groups investigated unclaimed assets deposited by European Jews into Swiss banks before the Holocaust. Negotiations began in 1995 between the U.S. and Switzerland. The parties reached a settlement in August 1998, and signed the $1.25 billion settlement in January 1999. In exchange for the settlement money, both parties agreed to release the Swiss banks and government from any claims regarding the Holocaust. The settlement was officially approved on November 22, 2000, by Judge Edward R. Korman.