A 30-year-old dispute over interests in an Iranian dairy — a case that the U.S. Court of Appeals for the D.C. Circuit dubbed a "Sisyphean labor" — is nearing a settlement, according to statements filed by both sides this week.
The case began in 1982, when McKesson Corp. sued the Iranian government in U.S. District Court for the District of Columbia. McKesson, an American company, had partnered with Iranian investors in the 1960s to create a dairy in Iran, but McKesson personnel fled the country during the Iranian Revolution in 1979. The company claimed Iranian officials later illegally withheld dividends issued by the dairy and expropriated McKesson's interests.
After decades of litigation and at least a half dozen trips to the D.C. Circuit, the appeals court ruled in February that the U.S. courts do have jurisdiction over the case. The court overturned U.S. District Judge Richard Leon's award of compound interest, but affirmed his judgment against Iran. According to statements filed by both sides on Monday, they're close to a settlement.