Attorneys Representing Armenian Genocide Victims Applaud Gov. Schwarzenegger's Signing of SB 1524

Attorneys representing the heirs of Armenian Genocide victims whose family assets were inappropriately held for decades by German banks are welcoming yesterday's signing by Governor Arnold Schwarzenegger of California Senate Bill 1524. The law enables families to seek legal action to recover assets lost or stolen as a result of the American Genocide.

Los Angeles (PRWEB) September 28, 2006 -- Attorneys representing the heirs of Armenian Genocide victims whose family assets were inappropriately held for decades by German banks are welcoming yesterday's signing by Governor Arnold Schwarzenegger of California Senate Bill 1524. The law enables families to seek legal action to recover assets lost or stolen as a result of the American Genocide.

The attorneys, all of Armenian decent, are Brian Kabateck, partner with Kabateck Brown Kellner, Mark Geragos, partner with Geragos & Geragos and Vartkes Yeghiayan of Yeghiayan and Associates. The attorneys filed a lawsuit earlier this year against Deutsche Bank and Dresdner Bank, two German banks they say wrongfully held Armenian assets and froze Armenian bank accounts during the Armenian Genocide that began in 1915. (Varoujan Deirmenjian, et. al. v. Deutsche Bank, A.G., Dresdner Bank, A.G., et. al., Case No. CV 06-00774, U.S. District Court, Central District of California).

Under the new law, Armenian Genocide victims, heirs or beneficiaries who live in California can bring or continue a court action against a financial institution for its failure to pay or turn over deposited or looted assets. The statute of limitation for filing a claim is December 31, 2016.

"Deutsche Bank and Dresdner Bank were approached by Turkish leaders to store Armenian artwork, gold and other valuables that were illegally seized by the Turks during the Armenian Genocide," says Kabateck. "The assets and the money deposited by Armenians in these banks mysteriously disappeared and were considered lost for decades. With most of the rightful owners massacred, these banks apparently thought they could get away with stealing family assets from an entire generation of Armenians. A new generation of Armenians has set out to right this wrong."

"We applaud Gov. Schwarzenegger's efforts to recognize the atrocities of the Armenian Genocide and to hold accountable those who benefited from the terrible acts that occurred so long ago," says Geragos.

The class action suit estimates that the banks took more than $22.5 million in looted assets, based on 1915 dollars. "We assume banks have a fiduciary duty to ensure its customers' deposited assets and securities are protected," says Yeghiayan. "This duty was ignored for 90 years by the German banks. This new law will shine a light on a shameful act of wrongdoing and greed."

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