Armenian, Assyrian and Hellenic Genocide News

Armenian Genocide Heirs Settle New York Life Class-Action Lawsuit
by Business Wire, April 11, 2001
Posted: Friday, April 13, 2001 11:34 pm CST

LOS ANGELES--(BUSINESS WIRE)--April 11, 2001--A multimillion- dollar settlement has been reached in a class-action lawsuit on behalf of heirs of the Armenian Genocide for unpaid life insurance benefits against New York Life Insurance Co.

The class action represents thousands of ethnic Armenians living in the United States and abroad (Marootian, et al. v. New York Life Insurance Company). As part of the settlement, New York Life agreed to contribute $3 million to Armenian civic organizations in addition to paying class members 10 times the face-value amount of the policy on valid claims made to the company.

New York Life, an American corporation, sold life insurance policies to Armenians living in the Ottoman Empire (now Turkey) during the period prior to the Armenian Genocide, which began in 1915. Because Armenians were killed or forced to flee their homes during the genocide, life insurance policies, as were other important papers, were lost or destroyed.

"As part of the settlement, New York Life will publish a list of names of families who purchased life insurance in Turkey during the time prior to the genocide," said Brian Kabateck, lead attorney for the class and partner with the Los Angeles law firm of Quisenberry & Kabateck LLP.

"This is the first time New York Life has agreed to disclose this list. Now, heirs of those policyholders will be able to file claims and New York Life will pay these claims with interest."

"We appreciate New York Life for being forthcoming in providing a list of insureds upon which we were able to have meaningful discussions and reach a well-deserved settlement. This is in sharp contrast to the European insurers that have not been as forthcoming with policyholder information," said William M. Shernoff, co-counsel in the lawsuit.

>From 1915 to approximately 1920, more than 1.5 million Armenians were murdered at the hands of the Ottoman Turks and tens of thousands more were deported in what was the 20th century's first genocide. Today, outside of the Republic of Armenia, the United States, in particular California, is home to the largest population of Armenians in the world.

"It's appropriate that we reached this settlement in April," said Kabateck, whose maternal ancestors were victims of the Armenian Genocide.

"On April 24, Armenians around the world will commemorate the 86th anniversary of the genocide. New York Life's acknowledgment of the genocide and the help it is giving to those who suffered is commendable. They are one of the few companies, internationally, to acknowledge the genocide and the tremendous impact it has on history."

Marootian, et al. v. New York Life Insurance Company was originally filed in November 1999 in federal court in Los Angeles. Representing the class are Kabateck of Quisenberry & Kabateck LLP, Shernoff of Shernoff Bidart & Darras, and Vartkes Yeghiayan of Yeghiayan & Associates.

CONTACT:

Quisenberry & Kabateck LLP, Los Angeles LaShawn King, 310/785-7966, ext. 203
www.qklaw.com

or

Shernoff Bidart & Darras, Claremont, Calif. Carla Levenson, 909/621-4935, ext. 234

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