Korean Airlines Victims Claims Act

Korean Airlines Victims' Claims Act - Amends the International Claims Settlement Act of 1949 to provide for the determination of the validity and amounts of outstanding claims against the Soviet Union for the loss of life and property of the 61 U.S. citizens who were onboard the Korean Air Lines airplane that was shot down on September 1, 1983.

Directs the Foreign Claims Settlement Commission to receive and determine the validity and amounts of claims by survivors of the victims of the Korean Air Lines incident.

Permits a claim to be considered only if the property right on which it is based was owned by U.S. nationals on the date of loss and only to the extent that the claim has been held by U.S. nationals continuously from the date that the loss occurred until the date of filing with the Commission.

Directs the Commission to certify to each claimant the amount determined by the Commission to be the loss suffered by the claimant which is covered by this Act. Provides for consolidated awards if the claim, at the time of the award, is vested in persons other than the person by whom the original loss was sustained.

Authorizes the Secretary of the Treasury to establish in the Treasury the Claims Fund for the payment of unsatisfied claims of U.S. nationals against the Soviet Union.

Directs the Commission to certify to the Secretary each award. Sets forth the manner of payment of the awards.

Requires the Commission to complete its affairs in connection with settling claims within six months of the date for filing claims.

Requires other departments to make available to the Commission certain records relating to the claims.

Authorizes appropriations.

Limits the percentage of an award that may be collected as a fee for services rendered on behalf of a claimant.

Directs the Secretary of State to initiate negotiations to conclude an agreement with the Soviet Union which would provide for payment in full of all such awards.