Jul 12, 2014, 11:29 AM
News Code: 2720985
0 Persons
American court rules against Iran : Iran Daily

Tehran, July 12, IRNA - A US appeals court has ruled that $1.75b in Iranian funds be turned over to families of victims of the 1983 bombings of Marine barracks in Beirut.

Iran has denied any involvement in the bombings. There is no evidence of any kind of Iran's involvement in the stated bombings, wrote 'Iran Daily' in its Upside/Downside column on Saturday.

The 2nd US Circuit Court of Appeals in New York affirmed US District Judge Katherine Forrest’s 2013 ruling that the money, currently held in a New York Citibank account, should be given to the families to help satisfy a $2.65b default judgment they won against Iran in 2007.

The lawsuit was filed in 2010 after the US Treasury Department uncovered the funds at Citibank, part of Citigroup Inc., the English-language paper stated.

The plaintiffs named the defendants as Iran and several banks, including Citi, Iran’s state-controlled Central Bank of Iran (CBI), Deutsche Boerse AG’s Clearstream Banking SA unit and Rome-based Banca UBAE.

The other banks were alleged to have helped Iran conceal its control of the assets and transfer money out of the bank after it was ordered frozen. Citi did not oppose the request, but the other banks sought to have the lawsuit dismissed. Forrest ruled in the victims’ favor in February 2013.

Clearstream and Banca UBAE settled with the plaintiffs last year. But CBI appealed, saying a federal law passed specifically to allow the Citi funds to be turned over violated a US-Iran treaty.

CBI could still pursue an appeal to the full panel of judges at the 2nd Circuit or to the US Supreme Court.