|By PR Newswire||
|August 18, 2014 05:00 AM EDT||
BRONX, N.Y., Aug. 18, 2014 /PRNewswire/ -- Legal-Bay LLC, the Lawsuit Settlement Funding Company, announced today that they have begun taking pre-settlement funding applications on the Iran Bombing Case in which US$2.6 Billion was awarded to family members in 2007. Legal-Bay recently announced an increased focus and additional funding capital for commercial litigation cases, and civil lawsuits involving complex business litigation, as well as verdict on appeal and judgment on appeal cases. Legal-Bay has a dedicated staff in place, as well as competent underwriting lawyers who have the experience to evaluate and approve large commercial litigation funding in amounts up to US$500K. While other legal funding firms tend to shy away from large funding amounts, Legal-Bay is working to evaluate commercial litigation claims quickly and efficiently for its clients.
On October 23rd 1983 close to 300 U.S and French militants were killed in a bombing of Beirut, Lebanon. The survivors and the families who lost loved ones sought justice through filing claims, including wrongful death, assault, ruthless battery, emotional trauma, and several others in response for the tragic event. Compensatory and punitive damages were found liable from the Islamic Republic of Iran and the Iranian Ministry of Information and Security.
In the case of Peterson v. Islamic Republic of Iran the families were awarded $2.6 Billion in 2007 in Federal Court in New York, and on February 28th 2013, the Court granted the victim's families a $1.7 billion judgment of the $2.6 billion against Iran's main bank through blocked assets held by Citibank N.A. Certain laws restricted the collection of the award, but Congress allowed the payout after a change in legislation. Bank Markazi, central band of Iran requested an appeal on the frozen $1.7bil held by Citibank NA.
Cases like this involving a large judgment or award that is on hold or on appeal can be frustrating for the plaintiff because they are unsure when they will ever get their money. Legal-Bay is working at the forefront in order to help the families get the funding they need today while the legal disbursement of the funds is ultimately made.
Patty Kirby, Head of Client Relations, commented on the company's focus on the commercial litigation case, "The Iran verdict on appeal case is a very unique one that has been tied up in the courts for years. However, much like other judgment cases where a bond is posted after trial –the courts in this case are actually in possession of $1.7 Billion- and we believe that we can now start to attempt to help the families that need access to their settlement funds right now through our lawsuit cash advance program."
Commercial litigations are very complex; however Legal-Bay has proclaimed their dedication to working through the issues and doing their best to get their clients funded, regardless of the nature of the case at hand. To learn more about Commercial Litigation Cases log onto: http://www.lawsuitssettlementfunding.com/commercial-lawsuit-funding.php
The company has now secured additional funding capital for other types of commercial litigation cases including, but not limited to: Judgment on Appeal or Verdict on Appeal cases, Qui Tam or Whistle Blower Cases, Breach of Contract cases, Security Fraud or Stock Arbitration Cases, Patent or Copyright Infringement, Intellectual Property Disputes, Anti-Trust Lawsuits, Large Wrongful Termination cases, Legal Malpractice Disputes, Franchise Protection Cases, Real Estate Disputes, Banking Dispute Cases, Royalty Payment Disputes, Estate or Trust Disputes, Construction Disputes, and Environmental Disputes.
All of Legal-Bay's programs are non-recourse lawsuit cash advances, also known as case funding. None of the programs should be considered to be a lawsuit loan, lawsuit loans, settlement loan, settlement loans, pre-settlement loan or pre-settlement loans. To learn more about how Legal Bay's funding process works on Commercial Litigations visit: http://lawsuitssettlementfunding.com/funding-process.php
If you are currently involved in a drawn out commercial litigation lawsuit and need financial assistance until you receive your final award, you may apply for a free case evaluation by calling Legal-Bay's toll free hotline at: 877.571.0405 or by filling out an online application at: http://lawsuitssettlementfunding.com.
Contact: Patty Kirby, COO/Head of Client Relations
Ph. 877.571.0405 Email: [email protected]
SOURCE Legal-Bay LLC
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