Iran: Bank Mellat wins and loses in Court of Appeal ruling

Iran’s Bank Mellat has won a partial victory in the Court of Appeal in London, after it decided on 10 May not to set a limit on the damages the bank can seek as a result of sanctions unlawfully imposed on it. In June 2013, the UK’s Supreme Court ruled that sanctions placed on the bank in 2009 were irrational and unlawful. Bank Mellat is pursuing $4bn of damages from the UK Treasury, mostly for loss of future income.