CONTACTS:
Brian Kabateck Mark Geragos
Kabateck Brown Kellner LLP Geragos & Geragos
213-217-5000 213 625-3900
[email protected] [email protected]
Diane Zakian Rumbaugh
Rumbaugh Public Relations
805-493-2877
[email protected]
PRE SS RELEASE November 6, 2006
NEARLY $8 MILLION IN NEW YORK LIFE SETTLEMENT CHECKS
TO BE DISTRIBUTED TO HEIRS OF ARMENIAN GENOCIDE VICTIMS
LOS ANGELES, CALIF.–Settlement checks totaling
$7,954,362.24 will be distributed this week to more than 2,500 Armenian
descendants of victims massacred in the 1915 Armenian Genocide. The
checks are a share of a multi million dollar settlement in a class
action lawsuit brought against New York Life Insurance Company for
unpaid life insurance benefits. In addition, $3 million has been already
distributed to various Armenian charitable organizations (Martin
Marootian, et al. v. New York Life Insurance Company).
The board reviewed thousands of claims and found that 2,515
claims could be traced to Armenians who had purchased life insurance
policies from New York Life prior to 1915.
"We are thrilled that thousands of Armenians will finally
get the insurance compensation they deserve," says Brian Kabateck,
partner with Kabateck Brown Kellner, LLP and one of the lead attorneys
who represented the Armenian heirs. "Armenians don’t give up easily and
this settlement is a testament to that."
"Although compensation is about 90 years late, we’re still
pleased that Armenians are receiving some of what is owed them," says
Mark Geragos, partner with Geragos & Geragos, another of the lead
attorneys in the case. In addition to Kabateck and Geragos, Vartkes
Yeghiayan of Yeghiayan & Associates represented the plaintiffs in the
case. All are of Armenian decent.
Letters will be mailed to all claimants. Checks will be
included to claimants awarded compensation. Of the nearly $8 million in
settlement checks, Armenians in Armenia will receive the most ($3.4
million) followed by Armenians in the United States ($2.6 million) and
Armenians in France ($656,413). In all, Armenians in 26 countries will
receive compensation.
For questions about the settlement, contact the settlement
board at 213-327-0740.
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