image sourced from original article at Families of victims of Iranian-sponsored terrorism will receive $318 million from the sale of a 36-story Manhattan office tower long linked to the Iranian government. The settlement resolves nearly two decades of litigation over 650 Fifth Avenue, which prosecutors said secretly funneled rental income to Tehran in violation of United States sanctions.
After Iran’s 1979 revolution, the Alavi Foundation, originally created under the shah, was taken over by the Islamic Republic and partnered with Bank Melli Iran, a state-owned bank. Authorities said the bank concealed its ownership stake and routed millions of dollars through shell companies while victims of Iran-backed attacks held more than $5 billion in unpaid court judgments.
Those eligible for compensation include families affected by the 2001 bombing of a Sbarro restaurant in Jerusalem, other suicide bombings in Israel during the 1990s and 2000s, and the assassination of Rabbi Meir Kahane. Under the agreement, the Alavi Foundation will be dissolved and its assets transferred to a new charity, the Amir Kabir Foundation, which will operate independently under government oversight.
