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http://www.gccihome.com/life-insurance/
List Of Armenian Genocide-era New York Life Insurance Policyholders Now Available
LOS ANGELES, CA (ContentDesk) June 7, 2004--A list of policyholders who purchased life insurance from New York Life in the Ottoman Empire prior to the Armenian Genocide of 1915 is now available online. Qualifying descendents of these policyholders will soon be able to receive a portion of a $20 million settlement negotiated by attorneys representing policyholder beneficiaries and the insurance carrier.A final hearing will be held on July 30, 2004 in Los Angeles to determine whether the proposed settlement is fair, adequate and reasonable. Once the court officially approves the settlement, beneficiaries must submit a "notice of claim" to a settlement fund board. The board will review claims and notify beneficiaries of further actions to take. The action against New York Life was brought as a class action. The deadline to opt out of the settlement class is June 15, 2004."Since both sides have already agreed to the settlement terms, we expect the final hearing to go smoothly," says Brian S. Kabateck, partner in the Los Angeles law firm of Kabateck & Garris LLP and one of the attorneys representing the settlement class. "Interested parties should continue to check the settlement web site for important updates and deadlines."Prior to 1915, New York Life sold life insurance policies to thousands
of Armenians living in the Ottoman Empire. New York Life policyholders were among the 1.5 million Armenians massacred during the Genocide. In the ensuing chaos, many of the rightful policy heirs were unable to obtain the insurance proceeds while others were unaware that they were entitled to any insurance benefits. During the course of litigation New York Life acknowledged its records indicated an estimated 2,400 policies sold to Armenians prior to the Genocide may remain unpaid. In November 1999, Martin Marootian, along with 12 other plaintiffs, filed Martin Marootian, et al. v. New York life insurance Company in Federal District Court in Los Angeles. The lawsuit asked that New York Life divulge the names of Armenians who purchased life insurance policies in the Ottoman Empire prior to the Genocide and to properly compensate the beneficiaries of those policies.
New York Life complied. |
