Hye Sharzhoom Armenian Action
Staff Report
Los Angeles, CA
Settlement checks totaling $7,954,362 were distributed to more than 2,500 descendants of those killed during the Armenian Genocide of 1915. These checks resulted from the multi-million dollar settlement reached in a class action lawsuit brought against New York Life Insurance Company. The lawsuit, originally filed in November 1999, stemmed from New York Life’s non-payment of life insurance benefits for those who died in the Armenian Genocide. These payments, together with the $3 million dollars already distributed to various Armenian charitable organizations, puts an end to a historic and groundbreaking case which was able to right a 90 year old injustice.
“Ten years ago compensating these Armenians was a mere dream, today I am overjoyed that this castle in the sky has become reality,” stated Vartkes Yeghiayan, one of the lead attorneys who represented the Armenian heirs and who originally conceived of this case twenty years ago. “This settlement was a small measure of justice for the Armenians,” said Yeghiayan.
The Settlement Board, the body created by the Federal District Court to handle the distribution of the settlement, reviewed 5,692 claims and found that 2,515 of them could be traced to Armenians who had purchased life insurance policies from New York Life prior to 1915.
Letters will me mailed to all claimants. Checks will be included for those claimants that were awarded compensation. Of the nearly $8 million in checks, Armenians in Armenia will receive the most, roughly $3.7 million, followed by Armenians in the United States who will receive almost $2.7 million. Armenians in France occupy the 3rd place and will receive a total of $656,413. In all, Armenians in 26 countries will receive compensation.
For questions about the settlement, contact the settlement board at (213) 327-0740.
Vartkes Yeghiayan, Esq, Benjamin Charchian, Esq, Yeghiayan & Associates