Iran Claims Settlement Act

Iran Claims Settlement Act - Authorizes the U.S. Foreign Claims Settlement Commission to determine the validity of claims by U.S. nationals against Iran which are settled en bloc by the United States. Requires the Commission to apply in the following order: (1) the terms of any settlement agreement; (2) the relevant provisions of the Declarations of the Government of Algeria of January 19, 1981, giving consideration to the interpretations of the Iran-United States Claims Tribunal; and (3) applicable principles of international law, justice, and equity. Requires the Commission to certify to the Secretary of the Treasury any awards made. Authorizes the Secretary to make payments of the lesser of $10,000 or the principal amount of an award.

Deducts one and one-half percent of the amount of an award of up to $5,000,000 and one percent of any award over such amount as reimbursement to the U.S. for expenses incurred in the arbitration of the claim and the maintenance of the Security Account established to cover such awards. Declares that such deduction shall not apply to an amount awarded for an en bloc settlement.

Authorizes the Secretary to reimburse the Federal Reserve Bank of New York for expenses incurred in the settlement or arbitration of such claims.

Prohibits the disclosure of records pertaining to the arbitration of claims before the Iran-United States Claims Tribunal except for certain U.S. documents.