Bloomberg Law
March 2, 2018, 7:49 PM UTC

Fate of $1.68 Billion in Iranian Assets Still Up in Air

Bernie Pazanowski

Clearstream Banking, S.A. and Bank Markazi were given a chance March 1 to seek U.S. Supreme Court review of an appeals court opinion that may require them to turn over $1.68 billion in Iranian assets held abroad.

The U.S. Court of Appeals for the Second Circuit previously concluded that New York law can be applied to determine whether Clearstream, a Luxembourg bank that maintains accounts for Markazi, Iran’s central bank, must turn over the $1.68 billion in bond proceeds it holds.

If the district court determines the state’s long-arm statute allows the funds to be turned over, they will be ...

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