Iraq War Fund to Pay Out Billions in Damages
The United States Victims of State Sponsored Terrorism Fund was established in 2015 to provide compensation to eligible service members, military contractors and their families who were victims of various acts of state-sponsored terrorism.
Several foreign banks have already admitted to entering into criminal conspiracies with Iran and Iranian banks to launder money and provide billions of U.S. dollars to Iran, a designated state sponsor of terrorism, to fund the production of explosive terrorist devices in violation of the U.S. Anti-Terrorism Act. These banks gave Iran access to hundreds of billions of U.S. dollars that directly or indirectly resulted in terrorist attacks in Iraq and Afghanistan between 2003 and 2011.
The United States Victims of State Sponsored Terrorism Fund was subsequently established in 2015 to provide compensation to eligible service members, military contractors and their families who were victims of various acts of state-sponsored terrorism. It is administered by the Money Laundering and Asset Recovery Section of the Criminal Division, as noted by the Department of Justice in this Press Release.
The Fund has already been financed with $12.78 billion from settlements so far.[i] Additionally, in the report released by the Department of Justice, “the Fund is replenishing, however, and accumulates funds from certain civil and criminal matters involving prohibited transactions with state sponsors of terrorism.”[ii] One such case still pending is a 13-count indictment of Huawei, the world’s largest telecommunications equipment manufacturer, that has the potential to exponentially increase the Fund.
In the first two rounds of disbursements, 5,107 claims were paid (or are scheduled to be paid) for a total of $2,186,253,618.27 in compensation as a result of these state-sponsored terror attacks.[iii] Countless other qualifying claims remain unsubmitted due to a lack of awareness about the Fund.
If you or a loved one are a U.S. military service member, veteran, or military contractor who suffered injuries from certain explosive terrorist devices between 2003 and 2011, you may have a claim for significant damages even if you are already receiving disability or other compensation. Click here for a free review of your case.
[i] This is drawn from the multiple press releases from The Department of Justice listed below: https://www.justice.gov/opa/pr/commerzbank-ag-admits-sanctions-and-bank-secrecy-violations-agrees-forfeit-563-million-and, https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-bank-usa-na-admit-anti-money-laundering-and-sanctions-violations, https://www.justice.gov/opa/pr/credit-suisse-agrees-forfeit-536-million-connection-violations-international-emergency, https://www.reuters.com/article/us-standard-chartered-probe/standard-chartered-reaches-340-million-settlement-over-iran-idUSBRE87D0B520120814, https://www.justice.gov/opa/pr/barclays-bank-plc-agrees-forfeit-298-million-connection-violations-international-emergency, and https://www.justice.gov/opa/pr/bnp-paribas-agrees-plead-guilty-and-pay-89-billion-illegally-processing-financial.
[ii] United States Department of Justice. Report Regarding Second Distribution by Kenneth R. Feinberg (2019).
[iii] United States Department of Justice. Report Regarding Second Distribution by Kenneth R. Feinberg (2019).