Two Israelis are preparing to file a lawsuit against the Swiss government and Switzerland’s two biggest banks, UBS and Credit Suisse, for allegedly refusing to return money and valuables deposited by their parents shortly before World War II, according to Haaretz.

The plaintiffs say they intend to file the lawsuit next week in a US court, under a US law enabling them to sue foreign states in matters linked to the Holocaust.

"We tried to negotiate with the banks and with Switzerland, but they lied to us and cheated us," says M Katz, one of the plaintiffs. "We now understand they never intended to return the property deposited with them by the Holocaust victims."

Katz reportedly said he intends to sueUBS,Credit Suisse and the Swiss government for $185 million. He claims the banks have systematically concealed documents related to his mother's accounts in order to prevent him from getting his money.

Katz's co-plaintiff, S. (alias), is claiming $130 million, which he says was stolen from him under similar circumstances, the report said. The lawsuit will be filed by attorney Roland Roth, who specializes in international law and who deals with Holocaust survivors' property restitution suits.

UBS, in an emailed statement to Family Wealth Report, said: "The investigation conducted by the 'Independent Committee of Eminent Persons' (ICEP) did not identify any information at UBS in relation to the accounts and safe deposit boxes which the persons representing the claimants are looking for."

"In 1998, the Swiss banks, including UBS, agreed to pay $1.25 billion in settlement of all claims relating to assets deposited by victims of Nazi persecution, whether documented or not. Since then, UBS has met all its obligations. The distribution of the Settlement Fund and the adjudication of claims are the sole responsibility of the Claims Resolution Tribunal-II, the administrative body established by the US court. For more than ten years, UBS has consistently, voluntarily and constructively supported the CRT-II in the distribution of the funds," it added.

Credit Suisse also contacted this publication, and said:  "In 1996, the World Jewish Restitution Organization, the World Jewish Congress and the Swiss Bankers Association established the Independent Committee of Eminent Persons, which was chaired by Mr. Paul Volcker. ICEP conducted a most thorough independent investigation of Swiss banks, including Credit Suisse, to identify Swiss bank accounts that possibly belonged to victims of Nazi persecution. ICEP's investigation has not identified any information at Credit Suisse in relation to the accounts and safe deposit boxes claimed by Mr Ed Fagan."

"Nonetheless, the  US Court, which oversees the distribution of the $1.25 billion settlement of In re Holocaust Victim Assets has extensively reviewed the claims made by Mr Fagan three times, and rejected them each time as unfounded," it added.