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New York Life in first genocide payment

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  • New York Life in first genocide payment

    Insurance Day
    January 25, 2005

    New York Life in first genocide payment


    THE Armenian genocide case against New York Life has taken a further
    step towards resolution with $3m being released by the Armenian
    Insurance Settlement Fund Board for distribution to nine Armenian
    charities.

    It is the first payment to be made since a $20m settlement was agreed
    last January (ID, Jan 30, 2004). The settlement will see payments
    made to descendants of Armenians killed 90 years ago in the Turkish
    Ottoman Empire, following the agreement by New York Life to pay all
    valid claims on more than 2,000 insurance policies issued before
    1915.

    During the 1800s and early 1900s, New York Life sold thousands of
    life insurance policies to ethnic Armenians in the Ottoman Empire.
    Armenians have always maintained 1.5m people were executed by Turkish
    authorities between 1915 and 1919 on allegations of helping the
    Russian Army. California's insurance commissioner John Garamendi has
    described the act as a "deliberate, systematic and
    government-controlled genocide".

    This $3m charity payment was agreed under last January's settlement,
    and ratified at a final hearing in July.

    The nine organisations set to benefit are: the Armenian General
    Benevolent Union, 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 Apostolistic Church.

    The settlement fund board, an independent body appointed by Mr
    Garamendi to evaluate claims relating to the case, is set to begin
    considering individual claims in March. As well as the $2m charity
    donations, the settlement includes $11m for the heirs of the
    policyholders and $6m for attorneys' fees and administrative
    expenses.

    All descendants of policyholders wishing to claim must register their
    notice of claim forms with the board by March 16.

    Separately, JP Morgan has sent a letter of apology to staff following
    the revelation that around 13,000 slaves were used as loan collateral
    by two banks which later merged into the JP Morgan group.

    The two companies involved Canal Bank and Citizens Bank were later
    swallowed up by other organisations which merged into Bank One,
    bought by JP Morgan last year.

    Following the revelation, JP Morgan has said it will set up a $5m
    student scholarship programme in Louisiana, where the event took
    place.
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