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July 30 Hearing for Final Settlement in New York Life/Armenian

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  • July 30 Hearing for Final Settlement in New York Life/Armenian

    Business Wire (press release), CA
    July 28 2004

    July 30 Hearing for Final Settlement in New York Life/Armenian
    Genocide-Era Beneficiaries


    LOS ANGELES--(BUSINESS WIRE)--July 28, 2004--

    MEDIA NOTE: Plaintiffs' attorneys Brian S. Kabateck, Vartkes
    Yeghiayan, Mark J. Geragos and William Shernoff will make statements
    and take questions immediately after the completion of the hearing
    outside the courthouse.

    One of the longest ongoing legal sagas in U.S. history is coming
    to an end Friday, July 30. After 89 years of off again-on again legal
    wrangling, a hearing for final approval in the New York Life/Armenian
    Genocide-era beneficiaries' settlement will be held:

    Friday, July 30, 2004
    9:30 a.m.
    United States Judge Christina A. Snyder
    Courtroom 5
    United States District Court
    312 N. Spring Street, Los Angeles, California

    The court is expected to give final approval to a $20 million
    settlement in Martin Marootian, et al., v. New York Life Insurance
    Company, Defendant, Case No. C99-12073 CAS (MCx).
    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. Many of the policy heirs were unable or unaware that
    they may be entitled to insurance benefits. While New York Life was
    able to find and pay many beneficiaries, the insurance company
    acknowledged its records indicated an estimated 2,300 policies sold
    to
    Armenians prior to the Genocide remained unpaid.
    "This is the first time a court anywhere in the U.S. or possibly
    the world has formally recognized the Armenian Genocide and the
    trauma
    and turmoil that resulted," says Brian S. Kabateck, one of the
    attorneys representing the plaintiffs, who himself is of Armenian
    descent and lost family in the Genocide. "All of us are crusaders,
    especially the three Armenian lawyers who took on the case. While
    this
    settlement is not reparation for the Genocide, as lawyers, we can
    help
    bring recognition to the Genocide through claims for unpaid insurance
    benefits and stolen property that date back to 1915."
    Other attorneys for the plaintiffs are Vartkes Yeghiayan, Mark J.
    Geragos and William Shernoff. "By making these claims, heirs will
    receive the benefits due them," says Kabateck, "but more importantly,
    it's a significant step that further recognizes the Armenian
    Genocide,
    something that the United States and Turkey still refuse to do."
    The court had given preliminary approval to the settlement in
    January. A three-member Settlement Fund Board, with members appointed
    by California Insurance Commissioner John Garamendi, will approve
    claims. The board will also be responsible for distributing $3
    million
    of the settlement to nine Armenian charitable organizations. The
    class
    includes Armenians living in the United States and abroad.
    Notification of the final settlement will be advertised in
    newspapers in the United States, France, Argentina, Russia, Lebanon
    and Armenia. Information will also be available at:
    www.armenianinsurancesettlement.com. Beneficiaries will have six
    months to file a notice of claim. The board will then contact
    beneficiaries with instructions for completing the appropriate claim
    forms.
    The following Armenian organizations will share equally in the $3
    million fund. If heirs do not come forward for policy benefits, more
    money will be distributed to additional charities.

    Armenian Church of North America Eastern Diocese
    New York, New York

    Prelacy of the Armenian Apostolic Church Eastern US and Canada
    New York, New York

    Armenian Church of North America Western Diocese
    Burbank, California

    Western Prelacy of the Armenian Apostolic Church
    Los Angeles, California

    Armenian Apostolic Catholic Exarchate
    For Armenian Catholics in the US & Canada
    New York, New York

    Armenian Missionary Association of America, Inc.
    Paramus, New Jersey

    Armenian Relief Society, United States Chapter
    Watertown, Massachusetts

    Armenian General Benevolent Union
    New York, New York

    Armenian Educational Foundation
    Glendale, California
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