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ANCA on AXA Settlement of Armenian Genocide Era Insurance Claims

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  • ANCA on AXA Settlement of Armenian Genocide Era Insurance Claims

    Armenian National Committee of America
    888 17th St., NW Suite 904
    Washington, DC 20006
    Tel: (202) 775-1918
    Fax: (202) 775-5648
    E-mail: [email protected]
    Internet: www.anca.org

    PRESS RELEASE
    October 12, 2005
    Contact: Elizabeth S. Chouldjian
    Tel: (202) 775-1918

    ANCA STATEMENT ON AXA SETTLEMENT OF ARMENIAN GENOCIDE ERA INSURANCE
    CLAIMS

    NOTE TO THE EDITOR: Following is the Armenian National Committee of
    America (ANCA) statement on the AXA Class Action Lawsuit
    settlement dealing with Armenian Genocide era insurance claims.

    __________________________________________________ _________________

    The Armenian National Committee of America today welcomed the
    settlement of a class action lawsuit against AXA Insurance company,
    allowing descendents of Armenian Genocide era insurance policy
    holders to seek the assets denied to them for far too long. The
    historic case is the second of its kind, following the New York
    Life Insurance class action case settled in February, 2004. In
    both cases, the heirs of genocide-era claim holders were
    represented by Yeghiayan and Associates, Geragos and Geragos, and
    Kabateck Brown Kellner.

    To place this settlement in its proper context, it is important to
    note that, while the heirs and grandchildren of Genocide-era policy
    holders will now receive some small portion of those funds, we
    should remember that those monies were not available when these
    orphans of the Genocide needed them the most. Instead, they were
    collecting interest in AXA coffers and remained there for some 90
    years until this corrective action was taken.

    The European affiliates of the ANCA played an important role in
    educating the European citizenry in general and the Armenian
    community in particular regarding the AXA case, through a media
    outreach and a far-reaching email campaign. As part of this
    effort, the European Armenian Federation for Justice and Democracy
    (EAFJD) initiated a petition campaign to AXA France Supervisory
    Board Chairman Claude Bebear, urging the firm to accept a fair
    settlement that would extend a measure of dignity and recognition
    to the victims wrongfully denied their property for the past nine
    decades.

    The Armenian American community expects a fair, effective, and
    orderly claims process be put in place that fully accounts for each
    policyholder and appropriately disburses funds to European Armenian
    charities and organizations with a long-standing record of fighting
    for the rights of the descendants of Armenian Genocide victims.

    While the AXA case is significant in that it recognizes the
    legitimacy of the insurance claims of Armenian Genocide victims, it
    is by no means related to any claims for the deaths, thefts, bodily
    harm, and real and personal property confiscations undertaken by
    the government of Ottoman Turkey and the Republic of Turkey between
    1915 and 1923, the liability and responsibilities for which
    continue to be held by the modern day government of Turkey. Nor
    does the damages calculation assigned in this case relate in any
    way to those claims, which continue to remain outstanding.

    The ANCA remains committed to ensuring that, in time, the Armenian
    people will receive the restitution they are owed from all those
    who unjustly profited, either directly or indirectly, from the
    Armenian Genocide.
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