Diane Rumbaugh
Rumbaugh Public Relations
2166 Flintridge Court
Thousand Oaks, CA 91362
805-493-2877
[email protected]
CONTACTS:
Brian S. Kabateck Diane Zakian Rumbaugh
Kabateck Brown Kellner LLP
Rumbaugh Public Relations
213-217-5000
805-493-2877
[email protected]
[email protected]
PRESS RELEASE
October 12, 2005
ARMENIAN HEIRS SETTLE
AXA CLASS ACTION LAWSUIT
Los Angeles, CA – Descendants of victims of the 1915
Armenian Genocide will share a $17 million settlement in a class action
lawsuit brought against French insurance giant AXA for unpaid life
insurance benefits. (Kyurkjian, et. al. v. AXA, Case No: CV 02-01750 and
Ouzounian, et. al., v. AXA, Case No: CV 05-02596, U.S. District Court,
Central District of California).
The class includes Armenians living in the United States and
abroad who are descendants and heirs of policyholders who perished in
what is considered the first genocide of the 20th century. The
settlement, subject to court approval, will be administered in France,
which was one of the first countries to recognize the Armenian Genocide.
AXA is headquartered in France and does business in the United States
through various subsidiaries.
Under the terms of the $17 million settlement, AXA will
donate a minimum of $3 million dollars to various France-based Armenian
charitable organizations and will contribute $11 million towards a fund
designed to pay, under procedures to be determined later, valid claims
of heirs of policyholders and beneficiaries of policies issued by AXA
Group subsidiaries that did business in the Turkish Ottoman Empire prior
to 1915. Certain of these policyholders and beneficiaries were among
the 1.5 million Armenians who perished and were unable to obtain their
insurance proceeds in the ensuing chaos.
The suit is the second of its kind. Class Counsel Vartkes
Yeghiayan, Brian S. Kabateck and Mark J. Geragos–all of Armenian
descent–are internationally representing Armenian descendants in
similar cases. Earlier this year in another class action (Martin
Marootian, et al. v. New York Life Insurance Company), New York Life
agreed to pay $20 million to descendants of Armenian policyholders
killed during the genocide. Attorneys representing the class against AXA
also represented class members in the New York Life case.
Class Counsel praised the efforts of U.S. District Court
Judges Christina Snyder and Dickran Tevrizian for their assistance in
fostering the dialogue that ultimately led to the settlement and also
praised AXA for dealing in a transparent and responsible manner in
bringing this matter to a successful conclusion.
“This is an example where dead men can’t speak but they can
file lawsuits,” says Yeghiayan of Yeghiayan & Associates. “It writes
another chapter about persistence and hope. The resolution of the case
helps the healing process.”
“The AXA and New York Life settlements are important
building blocks not only toward seeking financial recovery for the
losses resulting from the Armenian Genocide but also in our ultimate
goal, which is for Turkey and the U.S. to officially acknowledge the
genocide,” says Geragos of Geragos & Geragos. “These cases are
historical because they are the only cases ever brought on behalf of
genocide survivors.”
“My grandparents lost their entire families in the genocide.
Our continued legal efforts to bring attention to the terrible events of
90 years ago honor their memories,” says Kabateck of Kabateck Brown
Kellner. “Today, AXA made the right decision by agreeing to establish a
claims fund for the heirs of those killed in the Armenian Genocide.”
An announcement will be made shortly on when and how
individuals can file claims under this settlement.
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From: Emil Lazarian | Ararat NewsPress