this was essentially blackmail of the banks by state banking officials, with backing of the US administration, to force a settlement between the banks and the WJC. Negotiations involving the banks, the WJC, and Undersecretary Eizenstat ultimately resulted in a settlement of $1.25 billion in August 1998. The Swiss government refused to take part in the settlement, and started a CHF 300 million Special Fund for Holocaust Victims with the Swiss National Bank. It also commissioned an independent panel of international scholars known as the Bergier Commission to study the relationship between Switzerland and the Nazi regime. Volcker and Bergier commissions The Volcker commission audit cost CHF 300 million and gave its final report in December 1999. It determined that the 1999 book value of all dormant accounts possibly belonging to victims of Nazi persecution that were unclaimed, closed by the Nazis, or closed by unknown persons was CHF 95 million. Of this total, CHF 24 million were "probably" related to victims of Nazi persecution. In addition the commission found "no proof of systematic destruction of records of victim accounts, organized discrimination against the accounts of victims of Nazi persecution, or concerted efforts to divert the funds of victims of Nazi persecution to improper purposes." It also "confirmed evidence of questionable and deceitful actions by some individual banks in the handling of accounts of victims". The Volcker commission recommended that for settlement purposes, the book values should be modified back to 1945 values (by adding back fees paid and subtracting interest) and then be multiplied by 10 to reflect average long-term investment rates in Switzerland. Under these rules, a total of $379.4 million was awarded to account holders or their heirs. In cases where the claimant could be verified but the size of the account could not, a $125,000 award was given. The commission recommended that the remaining balance of the settlement should be given to other victims of Nazi persecution. The Bergier Commission reached similar conclusions about the banks' conduct in its final report, and found that trade with Nazi Germany did not significantly prolong World War II. Settlement On November 22, 2000, Judge Edward R. Korman announced a settlement of this case with his approval of a plan featuring the payment of $1.25 billion into funds controlled by the Israeli Banking Trust. Judah Gribetz was appointed Special Master to administer the plan, which is sometimes called the Gribetz