The settlement comes after 17 years of litigation tied to hidden Iranian interests in a Manhattan office tower.
The U.S. Attorney’s Office for the Southern District of New York announced a $318 million settlement on Monday, compensating hundreds of victims of Iranian state-sponsored terrorism, concluding a 17-year legal battle.
The case centered on hidden Iranian government interests in 650 Fifth Avenue, a Manhattan office tower. The building was “originally constructed by a charitable foundation controlled by the former Shah of Iran, Mohammad Reza Pahlavi,” according to court records.
After the 1979 revolution, the Islamic Republic of Iran “took over control of the charitable foundation and created a partnership with Bank Melli Iran, an Iranian government-owned bank sanctioned by the U.S. government for its role in financing Iran’s weapons of mass destruction programs.”