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A U.S. Magistrate Judge in New York has recommended that the Islamic Republic of Iran pay $221,505,968.40, in addition to prejudgment interest, to insurers that made payments to their insureds for property damage, business interruption, and other claims arising from the 9/11 terrorist attacks.
Background
On January 6, 2017, U.S. District Judge George B. Daniels of the Southern District of New York entered a default on behalf of Continental Casualty Company, Transcontinental Insurance Company, Transportation Insurance Company, Valley Forge Insurance Company, National Fire Insurance Company of Hartford and American Casualty Company of Reading, Pennsylvania (collectively, the Insurers) against the Islamic Republic of Iran (Iran) on claims arising under 28 U.S.C. § 1605A, and referred the calculation of damages to Magistrate Judge Sarah Netburn.
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