Armenian Genocide Heirs Settle New York Life Class Action Lawsuit

Descendants of victims massacred in the Armenian Genocide of 1915 will share a multi-million dollar settlement in a class action lawsuit brought against New York Life Insurance Company for unpaid life insurance benefits.

(PRWEB) February 1 2004--Descendants of victims massacred in the Armenian Genocide of 1915 will share a multi-million dollar settlement in a class action lawsuit brought against New York Life Insurance Company for unpaid life insurance benefits, jointly announced class counsel for the Plaintiffs. The class includes Armenians living in the United States and abroad who are descendants and heirs of policyholders who perished in the first Genocide of the twentieth century. Under the terms of the settlement, New York Life will pay a total of $20 million which includes payment to policyholder heirs and a minimum of $3 million to various Armenian charitable organizations.

Prior to 1915, New York Life sold life insurance policies to thousands of Armenians living in the Ottoman Empire. New York Life policyholders were among the 1.5 million Armenians massacred during the Genocide. In the ensuing chaos, many of the rightful policy heirs were unable to obtain the insurance proceeds while others were unaware that they were entitled to any insurance benefits. During the course of litigation New York Life acknowledged its records indicated an estimated 2,400 policies sold to Armenians prior to the Genocide may remain unpaid.

In November 1999, Martin Marootian, along with 12 other plaintiffs, filed Martin Marootian, et al. v. New York Life Insurance Company in Federal District Court in Los Angeles. The lawsuit asked that New York Life divulge the names of Armenians who purchased life insurance policies in the Ottoman Empire prior to the Genocide and to properly compensate the beneficiaries of those policies.

    Attorneys for the plaintiffs and New York Life praised the efforts of Presiding Judge Christina Snyder and California Insurance Commissioner John Garamendi for their assistance in fostering the dialogue that ultimately led to the final agreement.

Plaintiffs co-counsel, Vartkes Yeghiayan of Yeghiayan & Associates, states: This lawsuit proves anew that the past is not dead and not even past. I know that this settlement will not bring back the life of even one Armenian child. But this settlement is important, because it symbolizes our resolve to achieve justice for our ancestors who were massacred in the Armenian Genocide."

This settlement with New York Life is an important first step toward seeking financial recovery for the losses resulting from the Armenian Genocide," remarked plaintiffs co-counsel Mark J. Geragos. Mr. Geragos also stated The settlement is fair and we are confident that the Court will approve it. We hope other companies will follow New York Lifes lead, step forward and assist in restoring some of the losses incurred by the families of victims of this horrific crime against humanity."

This settlement is the result of a very personal campaign to bring attention to the history of the Armenian Genocide," comments plaintiffs co-counsel Brian S. Kabateck of Kabateck & Garris. As an Armenian American, I am proud of the hard work everyone involved dedicated to this excellent cause. Not only will the heirs receive payment, but the contributions to charitable organizations will help the needy."

Co-counsel William Shernoff of Shernoff, Bidart & Darras adds, The settlement of insurance claims from 1915 through this class action lawsuit is a marvelous display of how far the American Judicial System can reach in pursuit of justice. All parties should be congratulated for working through a difficult and complex legal situation in order to finally make payments on insurance policies issued nearly a century ago."

Details of the settlement and the New York Life policies involved will soon be available at www.ArmenianInsuranceSettlement.com.

The following Armenian organizations will share equally in the $3 million fund:

Armenian Church of North America Eastern Diocese

New York, New York

Prelacy of the Armenian Apostolic Church Eastern US and Canada

New York, New York

Armenian Church of North America Western Diocese

Burbank, California

Western Prelacy of the Armenian Apostolic Church

Los Angeles, California

Armenian Apostolic Catholic Exarchate

For Armenian Catholics in the US & Canada

New York, New York

Armenian Missionary Association of America, Inc.

Paramus, New Jersey

Armenian Relief Society, United States Chapter

Watertown, Massachusetts

Armenian General Benevolent Union

New York, New York

Armenian Educational Foundation

Glendale, California

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