Heirs Of Genocide Victims To Get Compensation From

[MosJan]

HEIRS OF GENOCIDE VICTIMS TO GET COMPENSATION FROM A MAJOR INSURANCE COMPANY OF FRANCE

 

As it transpired yesterday, famous Acsa insurance company of France will recompense the heirs of the Armenian Genocide victims. The company had a deal with a jural company of California that advocates the rights of relatives of Genocide victims.

 

According to the insurance deal that Armenians made with Company in early 20th century, the descendants and relatives Genocide victims will get compensation of $17 million. The Union-B Company was devoured by Acsa becoming a leading modern-day insurance company.

 

ITAR-TASS agency informs that in foreseeable future suchlike deals will be signed with other European companies as well.

 

By Ruzan Poghosian

[MosJan]

FRENCH INSURANCE CO. AGREES TO PAY $17 MILLION TO GENOCIDE HEIRS

 

The French Insurance Company Axa agreed to pay $17 million to descendants of life insurance policyholders who perished during the Armenian Genocide.

 

This announcement was made by Mark Geragos, a prominent Los Angeles attorney, during the Oct. 2 banquet of the USC Institute of Armenian Studies honoring Federal Judge Dickran Tevrizian.

 

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 Armenian Genocide. Judge Tevrizian mediated the $17 million settlement which will be disbursed as follows: Up to $11 million for the heirs of close to 11,000 life insurance policyholders; $3 million for various Armenian charities; and $3 million for attorneys’ fees. A French-Armenian charitable group will process and pay the claims. Any funds leftover after all claimants are paid would be turned over to the French-Armenian charity.

 

The Axa settlement follows a similar agreement with New York Life Insurance Company in early 2004. New York Life agreed to pay $20 million which was to be disbursed as follows: Up to $11 million for the heirs of 2,400 life insurance policyholders who perished during the Armenian Genocide; $3 million for nine Armenian-American charitable and religious organizations; $2 million for administrative expenses; and $4 million for attorney’s fees.

 

In a lengthy interview with the French Armenian magazine, Nouvelles d’Armenie (September 2005 issue), Yeghiayan provided several intriguing details regarding the activities and irresponsible conduct of L’Union insurance company which was purchased by Axa in 1996.

 

L’Union started selling insurance policies in the Ottoman Empire in the 1870 ’s and continued to do so until 1931. Simon Kayserlyan was the Director of the 51 offices of the firm in Turkey. According to a letter sent by L’Union to the French Foreign Ministry in 1922, the company had sold 10,899 life insurance policies by the time of the Armenian Genocide.

 

In that 1922 letter, L’Union disclosed that it risked losing 42 million French Francs or $8 million as a result of the deaths of its Armenian policyholders. The letter also said that not meeting its obligations to the perished Armenians would tarnish the company’s reputation and prestige.

 

While New York Life made some attempts in the aftermath of the Genocide to locate and pay those entitled to receive death benefits, L’Union categorically refused to make any payments. In the early 1920’s when French-Armenian refugee centers in Paris wrote to L’Union asking to see the list of Armenian policyholders, the company reportedly refused, saying that such private information could not be divulged to outside parties.

 

In 1928, the High Commissioner for Refugees of the League of Nations asked several insurance companies to disclose the list of their Armenian clients, explaining that the heirs of some insurance policyholders were children living in extremely destitute conditions in refugee camps and that funds from the insurance benefits would considerably ameliorate their situation. L ’Union reportedly responded by saying that it could not comply with the request, as it was unable to tell which of its clients were Armenians.

 

Furthermore, the company made impossible demands from the families of perished individuals in order to avoid paying them. For example, in a June 18, 1925 letter, L’Union told an Armenian claimant to provide a death certificate and a notarized document from the Turkish Consulate in Athens proving his relationship to the deceased policyholder. Whereas New York Life accepted the documents provided by the Armenian Patriarchate of Istanbul, L’ Union refused to accept such documents, demanding that the survivors of the Genocide return to Turkey to obtain the necessary certificates from Turkish courts. As a result, not a single Armenian policyholder got a penny from this company. After 1945, the company came up with a new argument for refusing all requests for payment. It said that due to the 30-year statute of limitations, it was no longer obligated to make any payments for policies written prior to 1915.

 

The Axa settlement has a significant advantage over the one with New York Life. Thanks to the efforts of the three Armenian attorneys, Judge Tevrizian and Axa executives, there is a clear reference to the Armenian Genocide in the text of the Axa settlement, whereas in the New York Life agreement, the Armenian Genocide is merely referred to as "the tragic events of 1915."

 

The October issue of the French magazine, L’Expansion, reported that the next insurance company to be sued by the Armenian lawyers for non-payment of Genocide era insurance claims would be the German firm, Victoria. There is also talk of a lawsuit being filed against the British insurance company, Gresham, and various German banks that operated in Turkey and had taken deposits from Armenians in that country prior to the Genocide.

 

The next legal step would be to sue the Turkish government for its illegal confiscation of the personal and real properties of Armenians in Turkey after the Genocide.

 

By Harut Sassounian; Publisher, The California Courie

[MosJan]

Axa Insurance Company will pay $17 Million to Heirs of Armenian Genocide Victims

13.10.2005 21:00 GMT+04:00 Print version Send to mail

/PanARMENIAN.Net/ Descendants of Armenians, who had fallen victim of the Genocide in Ottoman Turkey in 1915, agreed to call back their collective suit against Axa French insurance company. The latter agreed to pay $17 million to Armenian philanthropic organizations. The case was heard at a California court. The plaintiffs accused Axa in unwillingness to pay insurance sums for their relatives' killed in the massacre. One of the lawyers of the Armenian community stated their ultimate goal is to convince Turkey and US to officially recognize the Genocide fact, when 1.5 million Armenians were killed, reported BBC.

! Reproduction in full or in part is prohibited without reference to «PanARMENIAN.Net».

[Arpa]

You guys think this is a good idea?

First it was NY Life and now AXA.

Is this a concession and a compromise, or is it a quick way fot some lawyers to make a quick buck?

Are we selling ourselves to the "lowest bidder"?

Is this a much anticipated resolution to the Armeniamn Question?

What is Turkey getting/losing in this deal?

 

I am not an accountant, neither am I a statistician.

Take a look at one of the sites comparing the value of the dollar of 1915 to that of 2003.

 

 

http://eh.net/hmit/compare/result.php?use%...ear_source=1915

 



 

In 2003, $1.00 from 1915 is worth:

 $18.19 using the Consumer Price Index

 $13.85 using the GDP deflator

 $82.65 using the unskilled wage

 $104.73 using the GDP per capita

 $283.68 using the relative share of GDP

 

Submit another query?

 

See the source notes for: CPI | GDP | unskilled wage

Copyright © 2004 by EH.NET. All rights reserved. This work may be copied for non-profit educational uses if proper credit is given to the author. For other permission, please contact the EH.NET Administrator (admin@eh.net; Telephone: 513-529-2850; Fax: 513-529-3308).

Citation: Samuel H. Williamson, "What is the Relative Value?" Economic History Services, April 2004,

 

URL : http://www.eh.net/hmit/compare/

Edited October 14, 2005 by Arpa

[hytga]

i agree with you Arpa. Even for teh NY Life i thught it was a miserable failure to lay claim to what the descendants are entitled to.

I must admit, i don't know what amout armenains insured their lives for, but i'm almost sure the amount conpesated is less than the ratio of dollar value from then with now.

 

Any one with statistics of the insurance policies?

[Arpa]

i agree with you Arpa. Even for teh NY Life i thught it was a miserable failure to lay claim to what the descendants are entitled to.

I must admit, i don't know what amout armenains insured their lives for, but i'm almost sure the amount conpesated is less than the ratio of dollar value from then with now.

 

Any one with statistics of the insurance policies?

 

Is this the beginning of the end?

Is this the last nail in the coffin?

Do we rejoice or mourn?

How much is Ankara behind all this?

“Give them a bone to chew on, and shut them up once and forever“?

You think all that money is coming out of the accounts of those insurance companies?

Think again.

It is all coming out of your (US citizens’) taxes, via the Bank of Ankara.

 

And all this, while Ankara is scoring point after point, what with EU talks, “genocide” debate at Istanbul universities, even if it may be to once and for all close that chapter, the well advertised renovations of Aghtamar and Ani, even if no Armenian experts are invited, even if the whole thing is to totally obliterate any vestige of any and all Armenian heritage (you think there will be any Armenian scripts left next to plaques depicting -“built by Christian Turks“?)

 

And all this juxtaposed next to stories coming out of Yerevan about the sorry shape and negligence of the ruins of Erebuni and Karmir Blur.

 

The 90th anniversary is history. Let’s see what the 100th anniversary will be like, that is if anyone still remembers.

[phantom22]

I only have to look to what transpired to my own family to know that the Turks are full of BS. Deportation? I have only recently discovered the circumstances of the deaths of my grandfather, his brothers and my great-grandfather by the orders of an Ottoman official who considered Armenians "vermin." They were killed in the most primitive fashion.

 

OYAK Launchs Investigation on Axa's Settlement

By Reuters

Published: Saturday, October 22, 2005

zaman.com

 

 

In the aftermath of the French insurance giant, Axa's, agreement to settle a $17 million worth class-action suit filed by the inheritors of the Armenians, who died during the events of World War I, Axa's Turkey partner, Armed Forces Pension Fund (OYAK), issued a written announcement about the development.

 

Part of the announcement read: "In full awareness of the ensuing public sensitivity the necessary assessments have been made and every possible conduct that reflects the public sentiment is being followed before Axa/France in the highest possible level and with determination. We have resolved to undertake what is necessary in conformity with the conclusion of our present undertakings."

 

Zaman had placed the news of Reuters' report as the headline on October 14. The report indicated that Axa agreed to settle the case before the suit filed by the Armenians from California were concluded. According to this, the Armenians, who were forced to deport by the Ottoman state in 1915, are presented as victims of genocide.

 

The reimbursement of $17 billion to those who inherited life insurance policies during that period is interpreted as a legal acknowledgement of the genocide. The lawyer of the plaintiff, Mark Geragos, described the settlement as an important building block in the path to make the US and Turkey acknowledge the genocide. The French company will pay $11 million from a fund formed to ensure the legal reimbursements to the heirs of the Armenians who had policies of the Axa Group affiliates that were active in the Ottoman territory before 1915; additionally the company will donate a few million dollars to Armenian charity organizations in France. The money will be shared among 5,000 people including charity organizations. Since 5 February 1999, the company operates in Turkey through Axa-OYAK, where each partner has a 50 percent share.

 

The French company under the name of Nordstern prepared life insurance policy during Ottoman Empire.

 

The Turkish public has sharply reacted against Axa’s payment to Armenians under the claim of genocide allegations. A wide range of the society including non governmental organizations (NGO), trade unions, political parties and faculty members reached a consensus.

 

"This development is a conscious step to force Turkey to recognize the so-called Armenian genocide. OYAK should not remain silent in a topic for which the society is so sensitive and should end its partnership with Axa if needed."

 

OYAK, the attitude of which is wondered, made an explanation about the issue after one week. The Fund's authorities noted an ongoing investigation about its partner's decision to pay indemnity to the heirs of Ottoman Armenians in the US.

 

OYAK Administration emphasized no relation with the Axa payment decision. The company, however, informed that all the required evaluations were made and related initiatives, in the light of public sensitivity on the issue, have already been made in the presence of Axa in France.

 

Axa operates in the US by its participations. There are also Armenians all around the world, in addition to those in the US, who sued the French company for compensation.

 

 

Istanbul

[MosJan]

French Insurer to Enable Heirs of Genocide Victims to Search for Names on Website

PRAGUE (RFE/RL)--Descendants of victims of the 1915 Armenian genocide will soon be able to search a website to check whether any of them are eligible to make a claim to the French insurer, Axa.

 

A class action lawsuit accusing Axa of failing to pay death benefits for the insurance policies purchased by Armenians killed during the Genocide was settled for $17 million earlier this month in a California court.

 

"We are working with Axa to have a searchable website so people can go and look for names. We want to make it as easy as possible," said Brian Kabateck, one of the three lawyers of Armenian descent investigating the case.

 

He hopes that the list will be available to the public within the next six months and anyone who thinks his grandparents or parents may have purchased the policy will be able to check it on the website.

 

Kabateck explained that under the terms of the deal, Axa will donate at least $3 million to various French-based Armenian charities and another $11 million to a fund designed to pay out policyholders. The remaining $3 million will be allocated for the cost of administering the settlement, including international advertising.

 

"This shows that 90 years later we still can make a difference. It shows that all the lawyers involved in the case want to continue looking for documentation of insurance, of made deposits, of stolen property. We will pursue anything that we can pursue," he said.

 

The Axa settlement follows a similar agreement with New York Life Insurance Company in early 2004 under which it agreed to pay $20 million to the heirs of victims.

 

According to Kabateck, Axa was more cooperative in reaching the settlement than New York Life.

 

Now, Kabateck says, the group of lawyers is also investigating a case against Deutsche Bank which received deposits of money and property from Armenians that it never returned to the victims' families after the Genocide.

 

As to how substantial this claim is, Kabateck said: "We are still investigating it. But it doesn't matter how substantial it was, because even if they did it to one person, that's too many."

[MosJan]

Turkish Investigation into Axa Following Settlement with Genocide Heirs

ANKARA (Zaman)--Following the settlement in which Axa agreed to compensate descendants of Armenian policyholders killed during the Armenian genocide, the Turkish Armed Forces Pension Fund (OYAK) launched an investigation into Axa, its partner.

 

According to the French newspaper Le Monde, Axa is troubled by OYAK's decision. The French daily indicated that the company had initially remained silent about the compensation decision, which is causing widespread criticism in Turkey. An Axa spokesperson is quoted as saying: "We faced internal reactions as well. We had to report the situation to our Turkish personnel and our partners in OYAK via letter."

 

After Axa's decision was made, OYAK released a statement saying: "Considering the sensitivity apparent in Turkish public opinion, the issue has been carefully reviewed by OYAK, and the necessary decisions have been made at the top level. All the initiatives, which reflect the sensitivity of our society, have been discussed with top level Axa/France management. We have reached the decision to take prompt action, in line with the results of the studies we have been carrying out."

 

Despite harsh reactions from nationalists in Turkey, Axa's spokesperson said: "There are no contradictions for us. I do not know whether it had an effect in Turkey, but we did what we are supposed to do."

[phantom22]

An insurance company writes policies and then does not pay. This is a business arrangement between a private concern and policyholders. What the H--L business does the Turkish Armed Forces Pension Fund (OYAK) have to get involved with such a decision? Why are they sticking their nose into an issue that does not concern them? What does it matter whether the deaths of these civilians was an orchestrated Genocide (this is well documented) or the result of disease caused by the neglect by Ottoman authorities deporting Armenians? The result vis-a-vis the policies is the same. When a civiian policyholder dies, the company pays.

[Arpa]

Here is where the big bucks are. They should go to the jugular.

==========

 

Descendants of Armenian massacre victims to sue bank, insurer

 

Agence France Presse

26-10-2005

 

PARIS, Oct 26 (AFP) - Descendants of victims of a World War I massacre

of Armenians have filed suit in the United States against Germany's

Deutsche Bank to claim deposits left by the dead, their lawyers said

here Wednesday

 

"Deutsche Bank took the money and has kept the money for 90 years,"

attorney Mark Geragos told reporters.

 

The lawyers said they were also filing suit against Turkey for

restitution of assets. Turkey has always rejected accusations that

it was responsible for the 1915 genocide.

 

Attorney Brian Katabeck said the lawyers had filed suit three

months ago against Deutsche Bank, Germany's leading commercial

bank. "They were operating in the Ottoman empire with headquarters

in Constantinople before the genocide."

 

"Requests for restitution were made after the genocide to Deutsche

Bank but it refused," said Geragos.

 

"Armenians deposited their money in that bank and they never turned

over any of the money."

 

"Even small deposits would have made a difference for people who had

no homes, who were thrown out of their villages and needed to start

a new life," said Kabateck

 

"Deutsche Bank could have made lists available to refugee centres,

to widows, to orphans, but didn't", said Kabateck. "Deutsche Bank

and others were asked repeatedly to provide lists."

 

Asked why Deutsche Bank was being singled out, Geragos said: "Deutsche

Bank is the first of many. Part of what we're doing is archival

research. As we find the documents, then we assemble those in order

to put together as a law suit. "So that we've got irrefutable proofs

of all these things before we file a law suit. For Deutsche Bank,

we think we have them".

 

Noting that Germany had a very close relationship with its World War

I ally Turkey, Kabateck said the lawyers had also filed a law suit

against the German insurance company Victoria.

 

"The law suit is stalled because the German government won't release

what's called the service of process. Because under the law, you

have to serve a company in Germany and then they have to come to the

United States to respond. And the German government has intervened,"

he explained.

 

"They have to be formally served through legal channels," said Geragos.

"But the problem is that the German government has set up obstacles

to the service of process of that company."

 

"So we've filed a class action but has not technically been

served... we would like to know why Berlin think it's not appropriate".

 

"We're preparing something against Turkey," Geragos also said.

 

"We're investigating options in terms of retrieving what is rightfully

Armenian from the government of Turkey."

[phantom22]

What about the Ottoman Imperial Bank where our family had their accounts?

They ended up living DESTITUTE in Germany and France while their bank accounts were frozen.

Edited October 27, 2005 by phantom22

[MosJan]

AXA: Payments to Genocide Victim's Heirs Not Caused by Political Motive

03.11.2005 00:29 GMT+04:00 Print version Send to mail

/PanARMENIAN.Net/ Today AXA French Insurance Company has spread a statement, which says that the decision to pay compensations to the heirs of the Armenian Genocide victims does not imply any political motive and does not mean that the company characterizes the events of 1915 as genocide. “We are fulfilling our obligations proceeding form the unpaid insurance debts,” the AXA statement says.

 

To note, Turkey's Memur-Sen trade union, which represents 200,000 civil servants, has decided to boycott French insurer AXA after the company agreed to indemnify heirs of victims of the 1915 Turkish genocide of Armenians, union head Ahmet Aksu said. AXA agreed on October 13 to settle a US class action suit bydescendants of the victims of the killings under Ottoman rule. The deal has already prompted OYAK, AXA's industrial venture partner in Turkey, which represents the army pension fund, to say it will review its situation in the light of the "sensitivities of the Turkish people". In his turn, Press Secretary of the Turkish Foreign Ministry Namik Tan stated that the decision by the French company “will not change Turkey’s position on the Armenian Genocide.”

 

As it is known AXA French Company decided to return the $17 million insurance payments to persons, who were insured by Company Turkish branch before 1915 and fell victim of the Armenian Genocide. $3 million will be spent to cover trial expenses, as well as to notify relatives of the Armenian Genocide victims. $11 million will be provided to the foundation that starts returning insurance payments.

! Reproduction in full or in part is prohibited without reference to «PanARMENIAN.Net».

[MosJan]

HEIRS OF VICTIMS OF ARMENIAN GENOCIDE TO RECEIVE COMPENSATION OF ABOUT $8 MILLION

 

*

 

This week, the heirs of the victims of the will receive about $8 million of compensation from New York Life insurance company. According to the press release disseminated by the company, about 2500 people will get $7 million 954 thousand 362. This compensation sum will amount to $10 million as a result of the court investigation instituted since 1999. Besides, about $3 million were already sent to various Armenian benevolence organizations.

 

According to the geography, the heirs dwelling in Armenia will receive about $3,7 million, the American-Armenians will get $2,7 million of compensations, while the French Armenians will get about $650 thousand. In general, Armenians dwelling in 26 countries will get the compensations.

* By Aghavni Harutyunian

[MosJan]

BASMAJYANS RECEIVE COMPENSATION FROM NEW YORK LIFE

 

About two weeks ago, Khachatur Basmajyan and his cousin received compensation from New York Life Insurance Company. “I have not seen my grandfather but after years he proved to be helpful,” Khachatur Basmajyan said.

 

In 2004, the Basmajyans applied to the Ministry of Justice. The only document they had was the military paper of their uncle. The document showed that he was born in Istanbul and was the son of Karapet Basmajyan.

 

They found the name of Karapet Basmajyan in the list. “We would hardly achieve something with the help of the insurance company. We were opening their web page and there was hardly any information…. The attorneys did not work properly, as well. Luckily, we had the chance to apply to the Ministry of Justice where they supported us out of their main duties,” Basmajyan says.

 

In 2004, New York Life Insurance Company started the procedure of granting compensations to heir of citizens of Turkey who were insured with the company from 1855 to 1915. The Armenian Justice Ministry took up the functions to support such citizens because they were not properly informed about court procedures in USA. It was a group claim and citizens would not be able to apply again after the deadline even if they had the insurance in their hand. A volunteer group at the ministry supported the citizens in their claim. The ministry made a separate file for each citizen with proofs, which were translated and sent to USA.

 

Khachatur Basmajyan told Panorama.am that he and his cousin received $1113 each. They have shared the money with their sisters. “The money is not a big sum for today but the phenomenon is interesting,” Khachatur said.

 

Karapet Basmajyan, the grandfather of the Khachatur Basmajyan and his cousin, took part in the freedom fight of Mount Musa. Later, he fled to France in French ships. Karapet served in the French army on contract for five years. Khachatur Basmajyan attaches importance not to the money but the fact that he could value again the history of his ancestors. The Basmajyan are going to order a mass in the church to the memory of their grandfather, Karapet Basmajyan.

 

Another citizen who received money from New York Life, Seda Ghazaryan, also said the compensation was rather small. She thanked the Armenian Ministry of Justice and her two assistance for the support.

 

Part of $1500, which the Ghazaryans received as compensation, will be sent to Moscow to their relatives to come back to Armenia. “We are a family of engineers. Our social conditions are not good enough. Any money was helpful for us,” she said.

 

Source: Panorama.am

[Error 404]

I was watching this video under System of a down's "Soldier Side" music.

 

It was really nice...

 

http://www.youtube.com/watch?v=V2HsbK52hlo

 

[MosJan]

THE INSURANCE SETTLEMENT OF THE HEIRS OF 1915 ARMENIAN VICTIMS CONTINUES

 

Armenian-American attorneys Vardgez Eghiayan, Mark Geragos and Brian Kabatech, filed a suit against New York Life Insurance Co. in 1999. The long-running suit was settled for $20 million - a compensation for the descendants of Armenian victims in 1915.

 

Now they carry negotiations with French "Axa" company, which agreed to compensate $17, 5 million to the heirs of the Armenian victims of the 1915 massacres. $3 million of it will be given to the Armenian organizations in France.

 

"Axa" beneficiaries can check their names in www.armenianinsurancesettlement.com website list until October, 2007.

 

On May the Armenian-American attorneys will visit Berlin to meet the representatives of "Deutsche bank", who don’t agree with them on this issue.

 

According to French newspaper "Yaraj", the reason is in one-century silence of Germany on the 1915 Genocide, its fault for it and also the pressure that Turkey applies.

 

According to the newspaper this time the pressure is bigger than in the case of New York Life Insurance Co.

 

An appeal was filed against another German bank "Drezdner", which is considered as an appropriator of the sums of Armenian depositors. The Armenians deposited different valuable things in the cashboxes of the bank. Thousands of Armenians, who worked on the construction of Berlin-Baghdad railway, made payments before they were driven away to Der Zor Desert or just murdered there.

 

"Deutsche bank" was the general investor and tax-farmer of the construction of Berlin-Baghdad railway.

 

The evasion of "Deutsche bank" makes the attorneys to schedule meetings with the officials of the Ministry of Finance of Germany.

 

"Yaraj" informs that there is no limitation of time on the persecution of bank accounts, but the last date for the kept property in the cashboxes is 2016.

 

The American attorneys said that "Deutsche bank" is not the last organization in their mission; they are going to pursue this issue against 20 other organizations.

 

By Melanya Badalian

[MosJan]

AXA published list of Genocide victims insured till 1915

30.06.2007 15:18 GMT+04:00 Print version Send to mail In Russian In Armenian

 

/PanARMENIAN.Net/ AXA French Insurance Company has published the list of people who were insured by its Turkish branch till 1915 and who fell victims to the Armenian Genocide. Heirs of the Genocide victims, who find last names of their ancestors in the list, should file an application till October 1, 2007.

 

Besides, those who are sure that their ancestors were insured by AXA can also submit applications. According to an agreement concluded with the company, AXA will assign $17 million in all. $3 million will be allocated to Armenian benevolent organizations functioning in France. $3 million will cover the costs and will also be spent on notifications to the victims’ relations. $11 million will be allotted to the fund that will start paying insurance fees.

 

The lists of people insured by AXA are posted on www.armenianinsurancesettlement.com.