ABOUT 12,000 ARMENIANS APPLY TO AXA FOR COMPENSATIONS

ARMENPRESS
March 19, 2008

YEREVAN, MARCH 19, ARMENPRESS: About 12,000 Armenians from across
the world, who are 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.

Barsegh Gartalian, executive manger of an office established in Los
Angeles, USA, to deal with applications, said to Armenpress they are
now registering, verifying and analyzing the applications.

He said the bulk of applications are from Armenians in the USA,
Armenia and France. He added it will take from 6 to 12 months for
the process of compensation payment to start.

Last year AXA agreed to pay $17.5 million to descendants of life
insurance policyholders.

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.