The U.S. Court of Appeals for the Second Circuit in Manhattan ruled that lower courts should address specific state law issues before issuing judgments against Markazi Bank (Central Bank of Iran) and intermediary firm Clearstream Banking (a subsidiary of Deutsche Börse). It was decided that
In a unanimous 3-0 ruling, the appeals panel also rejected Markazi Bank’s argument that a 2019 federal law aimed at facilitating the seizure of Iranian assets held outside the United States waived its sovereign immunity. did.
The law “does not invalidate Markazi Bank’s jurisdictional immunity or provide for an independent grant of subject matter jurisdiction,” Circuit Judge Robert Sack wrote.
The case was sent back to U.S. District Judge Loretta Preska in Manhattan to determine the impact of state law and assess whether the case can proceed in Bank Markazi’s absence.
The lawsuit was brought by the families of soldiers killed and injured in the 1983 bombing of the U.S. Marine Corps barracks in Beirut.
Families of bombing victims are accused of supporting the October 23, 1983 attack that killed 241 U.S. military personnel in an attempt to seize bond proceeds that Clearstream held in blocked Markazi Bank accounts. He tried to pin the blame on Iran.
Markazi Bank invoked the Foreign Sovereign Immunity Act, which typically shields foreign governments from liability in U.S. courts.
Iran has consistently criticized U.S. legal actions targeting Iranian assets, arguing that such actions violate international law and Iranian sovereignty. In response to the United States’ confiscation of $1.6 billion in Iranian assets located in Luxembourg, the Central Bank of Iran (CBI) has announced that the Islamic Republic has repeatedly protested such actions and has formally registered a complaint against the United States with the International Court of Justice. He said he had filed a formal complaint with the International Court of Justice. Declaring the illegality of these judgments and requiring the United States to cease such practices.
At the time, Iran’s Deputy Foreign Minister for Western Affairs, Majid Takut Ravanshi, stressed that the frozen assets were inaccessible due to sanctions and that Iran was unable to use funds held by Europe before the nuclear negotiations that led to the nuclear negotiations. did. Signed JCPOA. He criticized widespread U.S. efforts to apply these rulings internationally, calling them “unfair and baseless.”
