Armenian Insurance Settlement



Post Office Box 5053
Portland, OR 97208-5053


Paul Krekorian, a member of the Armenian Insurance Settlement Fund
Board, announced that March 16 is the absolute deadline to submit
a claim for payment under the class action 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 between 1875 and
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 and at least $3 million for specified Armenian charities.

“The beneficiaries of these policies have waited 90 years
for justice,” said Settlement Fund Board member Krekorian,
an attorney who also serves as Vice President of the Board of
Education of Burbank, California. “It would be a great tragedy if
their efforts were frustrated now because they missed a simple
deadline and waived their legitimate legal rights,” Krekorian
said. The heirs of policyholders may be considered for a share
of benefits under this settlement only if they submit a Notice
of Claim form by March 16. The form may be obtained by calling
the toll free information line at 1-866-422-0124 or visiting the
settlement fund website at _www.armenianinsurancesettlement.com_
() . Claims may come
from anywhere in the world, and it is not necessary that complete
documentation be included with the Notice of Claim form. After the
Settlement Fund Board receives the Notice of Claim form, the claimant
will be informed about other steps that are required in the process.

The settlement fund website includes a partial list of New York Life
policyholders from the relevant era, and those who believe they may be
heirs can search for their ancestors on this list. However, it is not
necessary that their ancestor appear on the list in order to submit
a claim. A claim might still be approved if the heir has some other
evidence that their ancestor was a policyholder and payment was not
made, even if the ancestor does not appear on the list.

The Settlement Fund Board is an independent panel of three Armenian
community leaders appointed by California State Insurance Commissioner
John Garamendi. The Settlement Fund Board is not affiliated in
any way with the lawyers who handled the class action suit, and
the Board members were not involved in negotiating the terms of the
settlement. The Settlement Fund Board is an entirely independent panel
that will evaluate all of the claims of individual heirs and award the
funds to those who meet the qualifications of the agreement. The three
members of the Board are Paul Krekorian; attorney and law professor
Berj Boyajian; and physician and health care activist Viken Manjikian.

Under the terms of the settlement agreement, $3 million has already
been distributed in equal shares to 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.

From: Emil Lazarian | Ararat NewsPress