SOME 650 DESCENDANTS OF AXA LIFE INSURANCE POLICY HOLDERS APPLY FOR COMPENSATION
ARMENPRESS
Aug 28 2007
YEREVAN, AUGUST 28, ARMENPRESS: An official of the Armenian justice
ministry said 650 Armenian citizens, descendants of life insurances
policyholders, issued by the French Insurance Company AXA to Armenians,
who perished during the Armenian genocide in the Ottoman empire,
have applied for compensations.
Last year AXA agreed to pay $17.5 million to descendants of life
insurance policyholders.
Tamar Shakarian, an aide to justice minister, said 30 of these
applications have been sent to AXA office.
"W are doing what we can so that the documents we send to AXA are full
and trustworthy to guarantee payment of compensations,’ she said. The
justice ministry set up a special council to deal with this issue,
she said.
U.S.-based Mark Geragos along with attorneys Vartkes Yeghiayan and
Brian Kabateck had filed a class action lawsuit in a California federal
court against AXA for failing to pay death benefits for the insurance
policies purchased by Armenians in Turkey prior to the 1915.
The proceeds of the agreement, which was mediated by Federal Judge
Dickran Tevrizian, are to be disbursed as follows: Up to $11 million
for the heirs of life insurance policyholders; $3 million to be
contributed to a newly-created French-Armenian charity; and $3 million
for attorneys’ fees and legal/administrative expenses.