As stated by the Foreign Claims Settlement Commission (FCSC) , it is currently adjudicating claims of U.S. nationals against Libya pursuant to the terms of the Claims Settlement Agreement of August 14, 2008, between the United States of America and the Great Socialist People's Libyan Arab Jamahiriya, as implemented pursuant to the Libyan Claims Resolution Act, Pub. L. 110-301 and Executive Order 13477 dated October 31, 2008, and referred to the Commission by the U.S. Department of State by letters dated December 11, 2008, and January 15, 2009, pursuant to 22 U.S.C. 1623(a)(1)(c). The Commission is currently processing claims which qualify under both the December 11, 2008, and January 15, 2009, referral letters.
Awards that are approved by the FCSC are subsequently certified to the U.S. Department of the Treasury, Financial Management Service (FMS) for payment. FMS is currently disbursing awards based on claims which qualify under the U.S. Department of State referrals letters and which have been adjudicated and approved by the FCSC. Acceptance and approval of claims under the Libya Claims Program is the sole responsibility of the FCSC.
Partial Payment of Claims Under the January 15, 2009 Referral:
Federal law specifies that the Secretary of the Treasury must make payments for foreign claims programs by following certain procedures as detailed in 22 United States Code Section 1627 (e). First, Treasury must make an initial payment of $1,000. Then, Treasury will make pro rata payments. In order to determine the amount of the pro rata payment, it is necessary to determine the aggregate unpaid principal balance of all such awards under the program. This aggregate unpaid principal balance can then be compared to the funds available in order to determine the percentage of the total award that can be paid to each claimant.
Amount of funds available x 100 = Pro rata distribution (%)
Aggregate unpaid principal balance
Until all the awards have been certified by the Foreign Claims Settlement Commission (FCSC), it is not possible to know the full amount that can be paid to each claimant under the program. However, Treasury may make an interim estimate of the maximum amount that might be paid if all awards are approved in full by the FCSC. As of August 2011, Treasury estimates that it is possible to make a partial, pro rata distribution of 20 percent of the unpaid balance that remains on these awards. To the extent that the aggregate unpaid principal balance may decrease as claims may be denied by the FCSC, the pro rata distribution (%) may increase, and additional payments can be made.
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