22 January 2014
Iranian private bank to file claim for more than £500m
Bank Mellat, the Iranian private bank which had its sanctions lifted by the Supreme Court last year, is to file a claim for more than £500m next month. Sarosh Zaiwalla, senior partner at Zaiwalla & Co, who is acting for the bank, says it will be the first time an Iranian plaintiff against sanctions in Europe has reached the stage of claiming damages, and that Western governments are starting to ease sanctions against Iran following an interim deal reached in Geneva in November. He said Bank Mellat was one of about eight to 10 private Iranian firms bringing law suits in Europe.
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