American states initiated sanctions against Swiss banks after a commission representing U.S. finance officials recommended such action. The move came after talks to settle Holocaust-era claims collapsed. California said it would become the first state to impose sanctions by not seeking new investments with U.S. subsidiaries of Swiss banks. New York said it would bar short-term investments, among other steps, with the banks if there is not a settlement by Sept. 1. New Jersey and Pennsylvania also announced they would take action. Swiss banks lambasted the move and said they might sue any U.S. states or cities that adopt the boycott.
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