“Stroock Wins Landmark Victory as Judge Orders Turnover of Over $1 Billion in U.S. Properties”
In what has been called the largest civil forfeiture in U.S. history, Federal District Judge Katherine Forrest ruled on June 29th that plaintiffs represented by Stroock – victims of terrorism linked to Iran – are entitled to more than $1 billion in assets of the Alavi Foundation and 650 Fifth Avenue Company, entities controlled by the Iranian government. Stroock’s clients were seeking “attachment and turnover” of the properties to compensate them for injuries they suffered as a result of Iran’s involvement in terrorist activity. The properties include the 36-story office tower at 650 Fifth Avenue in Manhattan, and properties in Queens, NY, Houston, TX, Rockville, MD, and Carmichael, CA.
James Bernard, a partner in Stroock’s Litigation Department who led the effort on behalf of a group of judgment creditors, said, “after many years of challenging and complex litigation, we are very pleased to have brought our clients one step closer to obtaining the recovery to which they are entitled. This is a landmark ruling.”