Komfie Manalo, Opalesque Asia:
Cresskill, New Jersey-based hedge fund RD Legal Capital is raising $100m to finance a litigation to collect some $1.8bn from the Iranian government over the killing of 241 American servicemen at a Marine barracks in Beirut in an Iranian-backed terror attack 30 years ago, reported The Journal.
RD Legal is confident the Iranian government will eventually pay the amount to victims of one of the deadliest attacks against Americans. In 2007, a U.S. federal court in Washington found Iran liable for the bombing and ordered Tehran to pay $1.8bn to the families of the victim.
But the Iranian central bank appealed the decision. The appeal is still on-going and experts believe it would take years before the families of the victims are paid. Each of the family is entitled to about $8m in compensation for their loss.
Several victimsí families are receptive to RD Legalís efforts for their case. Seventy-seven year-old Ron Perron, whose 19-year-old son Thomas was killed in the attack, said families voted "overwhelmingly" to support RD Legalís decision to buy stakes in the judgment.
He told The Journal, "We want to see Iran pay for this, the injustice that they did to our boys. Every time I go to Washington, every year I go to Arlin......................
To view our full article Click here