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ARMENIAN INSURANCE SETTLEMENT FUND BOARD
Post Office Box 5053
Portland, OR 97208-5053
U.S.A.
PRESS RELEASE
January 14, 2005
Contact: Board Member Paul Krekorian
[email protected]_ (mailto:[email protected])
818-848-7750
ARMENIAN INSURANCE SETTLEMENT FUND BOARD
DELIVERS FIRST $3 MILLION TO ARMENIAN CHARITIES
The Armenian Insurance Settlement Fund Board released the sum of $3
million last week for distribution to nine Armenian charitable
organizations. The funds were the first distributions from the
proceeds of the settlement in Marootian v. New York Life Insurance Co.
The Marootian case was a class action suit filed in United States
District Court by the heirs of Armenians who had purchased life
insurance from New York Life in the Ottoman Empire prior to 1915. The
heirs contend that upon the deaths of the policyholders, many of whom
were murdered by Turks during the Armenian Genocide, New York Life did
not pay the benefits on these policies.
Last year, New York Life agreed to settle the class action suit by
paying a total of $20 million, including up to $11 million for the
heirs of the policyholders, at least $3 million for specified Armenian
charities, and $6 million for attorneys' fees and administrative
expenses.
Under the terms of the settlement agreement, the initial $3 million
distribution is to be divided equally by the AGBU, the Armenian Relief
Society, the Armenian Education Foundation, the Armenian Missionary
Association, the Armenian Catholic Church, both the Eastern and
Western Dioceses of the Armenian Church of North America, and both the
Eastern and Western Prelacies of the Armenian Apostolic Church. The
Settlement Fund Board released these funds to the attorneys for the
plaintiffs in the case, who will deliver the checks to the charities.
In addition, the Settlement Fund Board released the funds allocated by
the settlement agreement to various named plaintiffs, including lead
plaintiff Martin Marootian.
The Settlement Fund Board is an independent panel appointed by
California State Insurance Commissioner John Garamendi for the purpose
of evaluating the claims of individuals who contend they are heirs who
are entitled to compensation from New York Life under the agreement
and distributing the funds allocated by the settlement agreement. The
Board members are attorney and law professor Berj Boyajian; attorney
and Burbank Board of Education Vice President Paul Krekorian; and
physician and health care activist Viken Manjikian.
The Board is scheduled to begin considering individual claims in
March.
Anyone who believes there is even a possibility that they are the heir
of a New York Life policyholder whose benefits were not paid must
submit a "Notice of Claim" form to the Settlement Fund Board in order
to avoid waiving the right to recover. All Notice of Claim forms must
be postmarked no later than March 16, 2005. Claims may come from
anywhere in the world.
For further information or to obtain a Notice of Claim form, please
call the toll free information line at 1-866-422-0124 or visit
http://www.armenianinsurancesettlement.com/ The website includes a
partial list of policyholders, but it is not necessary that your
ancestor's name appear on the list in order to submit a Notice of
Claim.
Post Office Box 5053
Portland, OR 97208-5053
U.S.A.
PRESS RELEASE
January 14, 2005
Contact: Board Member Paul Krekorian
[email protected]_ (mailto:[email protected])
818-848-7750
ARMENIAN INSURANCE SETTLEMENT FUND BOARD
DELIVERS FIRST $3 MILLION TO ARMENIAN CHARITIES
The Armenian Insurance Settlement Fund Board released the sum of $3
million last week for distribution to nine Armenian charitable
organizations. The funds were the first distributions from the
proceeds of the settlement in Marootian v. New York Life Insurance Co.
The Marootian case was a class action suit filed in United States
District Court by the heirs of Armenians who had purchased life
insurance from New York Life in the Ottoman Empire prior to 1915. The
heirs contend that upon the deaths of the policyholders, many of whom
were murdered by Turks during the Armenian Genocide, New York Life did
not pay the benefits on these policies.
Last year, New York Life agreed to settle the class action suit by
paying a total of $20 million, including up to $11 million for the
heirs of the policyholders, at least $3 million for specified Armenian
charities, and $6 million for attorneys' fees and administrative
expenses.
Under the terms of the settlement agreement, the initial $3 million
distribution is to be divided equally by the AGBU, the Armenian Relief
Society, the Armenian Education Foundation, the Armenian Missionary
Association, the Armenian Catholic Church, both the Eastern and
Western Dioceses of the Armenian Church of North America, and both the
Eastern and Western Prelacies of the Armenian Apostolic Church. The
Settlement Fund Board released these funds to the attorneys for the
plaintiffs in the case, who will deliver the checks to the charities.
In addition, the Settlement Fund Board released the funds allocated by
the settlement agreement to various named plaintiffs, including lead
plaintiff Martin Marootian.
The Settlement Fund Board is an independent panel appointed by
California State Insurance Commissioner John Garamendi for the purpose
of evaluating the claims of individuals who contend they are heirs who
are entitled to compensation from New York Life under the agreement
and distributing the funds allocated by the settlement agreement. The
Board members are attorney and law professor Berj Boyajian; attorney
and Burbank Board of Education Vice President Paul Krekorian; and
physician and health care activist Viken Manjikian.
The Board is scheduled to begin considering individual claims in
March.
Anyone who believes there is even a possibility that they are the heir
of a New York Life policyholder whose benefits were not paid must
submit a "Notice of Claim" form to the Settlement Fund Board in order
to avoid waiving the right to recover. All Notice of Claim forms must
be postmarked no later than March 16, 2005. Claims may come from
anywhere in the world.
For further information or to obtain a Notice of Claim form, please
call the toll free information line at 1-866-422-0124 or visit
http://www.armenianinsurancesettlement.com/ The website includes a
partial list of policyholders, but it is not necessary that your
ancestor's name appear on the list in order to submit a Notice of
Claim.