Insurance Journal
Sept 21 2004
Garamendi Appoints Members of Armenian Insurance Settlement Fund
Board
September 21, 2004
Insurance Commissioner John Garamendi announced three appointments to
the Armenian Insurance Settlement Fund Board. The board was created
to oversee the settlement of claims against New York Life Insurance
Company as directed in the settlement of a class-action lawsuit on
behalf of heirs and descendants of policyholders who were killed
during the Armenian Genocide more than 90 years ago.
The board members, Viken Manjikian, Paul Krekorian and Berj Boyajian,
will evaluate claims and determine which are to be paid pursuant to
the terms of the settlement agreement. The board’s decisions will be
final with no right of appeal.
“I am honored to appoint these three accomplished, capable and fair
individuals who will further the pursuit of justice for heirs and
descendants of victims of the Armenian Genocide,” Commissioner
Garamendi said. “This is an important step to help bring closure to
the victims and their families.”
Early this year, Commissioner Garamendi, after long negotiations, was
able to secure a $20 million fund to help fund the payment of claims
in the case. New York Life compromised in order to reach a detailed
agreement that will benefit both the survivors of the policyholders
as well as the Armenian community. Of the $20 million fund, at least
$3 million will be put into the ‘Unclaimed/Heirless Fund,’ which will
be contributed to court-approved charitable organizations – as set
forth in the settlement agreement – whose activities advance the
Court-approved charitable interests of the Armenian community.
Manjikian, of Lancaster, is Director of Inpatient and Emergency
Radiology, and Director of Vascular and Interventional Radiology at
Antelope Valley Hospital. He has extensive credentials in the field
of radiology and earned his medical and undergraduate degrees at the
University of California, Los Angeles.
Boyajian, of Beverly Hills, operates Boyajian and Associates in Los
Angeles. His practice specializes in business and toxic torts, and he
has extensive experience in litigation on behalf of individuals and
workers exposed to toxic substances.
Krekorian, of Burbank, is a founding partner of the law firm Fisher &
Krekorian in Los Angeles. His practice specializes in representation
of business, charitable organizations and individuals in matters
involving trademark, copyright and commercial disputes.
Potential claimants in the Armenian Genocide case have been informed
via Notice by the Court and published statewide. The Department of
Insurance consumer hotline will also be able to direct potential
claimants to the settlement Web site. Or, call the Department’s
hotline at 800-927-HELP (800-927-4357).
From: Emil Lazarian | Ararat NewsPress