$2 Billion Allegedly Held on Behalf of Iran Ordered Frozen by NY District Court
US District Court orders $2 billion in Alleged Iranian Assets Frozen
The WSJ is reporting that approximately 18 months ago the US District Court for the Southern District of New York ordered more than $2 billion allegedly held on behalf of Iran frozen. The court order is still under seal and would represent the greatest seizure of Iranian assets since the 1979 revolution.
The funds were being held in a Citigroup, Inc. account owned by Luxembourg’s Clearstream Banking S.A. (a subsidiary of Germany’s Deutsche Börse AG) and have become part of a legal struggle between Clearstream and the American families of the 1983 U.S. Marine barracks attack in Lebanon.
In September of 2007, litigator Steven Perles won a $2.6 billion civil suit judgment for families of the Beirut attacks and, with information provided by the U.S. Treasury Department linking the Clearstream funds to Iran, the families are arguing that the funds are legally owed to them.
Read more here, WSJ.