States that: (1) it is U.S. policy to seek justice for U.S. victims of terrorism and to hold terrorists and their state-sponsors accountable for their actions; and (2) U.S. law regarding victims of terrorism supersedes the Algiers Accords and any other agreement with Iran stemming from the holding of U.S. hostages in Iran from November 1979 through January 1981.
Abrogates and deems not applicable any provision of the Algiers Accords, entered into with Iran on January 19, 1981, that purports to prohibit a U.S. citizen from prosecuting any claim relating to such hostage taking in any U.S. court or to limit the jurisdiction of any U.S. court with respect to such matter.
Requires the President to direct payments as provided for by this Act to a common fund to be established and administered by certified class representatives for U.S. citizens who were hostages in Iran.