The United Kingdom reached an undisclosed settlement with Iran’s Bank Mellat on a £1.3 billion damages claim, avoiding a trial. The settlement ends a ten year dispute stemming from 2009 U.K. Treasury sanctions which were later overturned by the U.K. Supreme Court as “arbitrary and irrational.” Bank Mellat, 20 percent of which is owned by the Iranian government, denies any connection to financing Iran’s nuclear program.