Iran-United States Claims Tribunal

The Iran–United States Claims Tribunal (IUSCT) is an international arbitral tribunal established pursuant to the Algiers Accords of January 19, 1981, an agreement between the United States and Iran mediated by Algeria to resolve the hostage crisis. In exchange for the release of the hostages seized by Iranian students on November 4, 1979, the United States agreed to terminate litigation against Iran in U.S. courts and to release Iranian assets frozen by the Carter Administration. Many of the frozen assets had been attached by U.S. claimants pursuant to Treasury license. The U.S. claims agreement with Iran provided an alternative remedy backed by a billion dollar escrow account for U.S. nationals with contract and expropriation claims against Iran.