Reference no: EM131762668

Prior to 1918, the Petrograd Metal Works, a Russian corporation, deposited a large sum of money with August Belmont, a private banker doing business in New York City under the name August Belmont&Co. (Belmont). In 1918, the Soviet govenment nationalized the corporation and appropriated all its property and assets wherever situated, including the deposit account with Belmont. As a result, the deposit became the property of the Soviet government. In 1933, the Soviet govenment and the United States entered into an agreement to settle claims and counterclaims between them. As part of the settlement, it was agreed that the Soviet government would take no steps to enforce claims against American nationals (including Belmont) and assigned all such claims to the United States. The United States brought an action against the executors of Belmont's estate to recover the money originally deposited with Belmont by Petrograd Metal Works. Who owns the money?