BREAKING NEWS

US military equipment-maker owes Iran $2.8 million

A US manufacturer of military equipment must pay Iran $2.8 million in a dispute over a 1977 contract despite a federal ban on trade with the country, an appeals court ruled on Thursday.
Cubic Defense Systems had asked the US Court of Appeals for the 9th Circuit to overturn an international arbitration award Iran won over a decades-old contract dispute. But the refused, finding America's interest in enforcing international arbitration awards outweighed the public policy against trade with Iran.
"We are not persuaded by Cubic's argument, which gives too little weight to this country's strong public policy in support of the recognition of foreign arbitration awards," Judge Raymond Fisher wrote on behalf of the three-judge panel.
Charles Bird, a lawyer for Cubic Defense, declined to comment on the litigation.
Mina Almassi, a lawyer for Iran's Ministry of Defense, was not immediately available for comment.
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