Giant German Banks Accused in Los Angeles Lawsuit

LOS ANGELES–A class action lawsuit was filed on Tuesday in a Los Angeles Federal Court against two German Banks–giant Deutsche Bank and Allianz acquired Dresdner Bank. Armenian Genocide survivors and their heirs–the Plaintiffs–charge both banks–the Defendants–of several acts of wrongdoing and demand recovery of assets. Dresdner Bank was acquired by Allianz in 2001.

Deutsche Bank was Adolf Hitler’s lead banker. Documents released by bank historian Manfred Pohl–who made them public in February 1999–revealed for the first time how Deutsche Bank financed much of the construction of the Auschwitz concentration camp. The documen’s provide evidence of the secret SS-controlled accounts used to transfer funds stolen from Jews who had been deported or sent to death camps during World War II. The Armenian Genocide occurred during World War I–in 1915–when reigning Turks of the Ottoman Empire mass-murdered over 2.1 million Armenia’s in present day Turkey.

Five families filed as Lead Plaintiffs–and since the case is a class action lawsuit–it was filed on behalf of Armenia’s who: 1) made deposits with the Banks–2) who were killed in the Armenian Genocide and 3) whose heirs were not repaid deposits on their accounts.

In addition to the demand of asset recovery–Plaintiffs are seeking compensation for unpaid wages and other damages stemming from the use of Plaintiffs’ ancestors and other Armenia’s as slave and forced laborers during the time of the Genocide.

Plaintiffs have information supporting wrongdoings by Deutsche Bank and Dresdner Bank of engaging in the following acts during the Armenian Genocide and World War I:

a. Knowingly trading with Young Turks in goods made by slave labor

b. Acting as the secret banks of Young Turks–aiding and abating in looting–and functioning as conduit for looted assets – laundering for profit from goods from Armenia’s

c. Directly owning/controlling the Berlin-Baghdad Railway that used slave labor

d. Taking 100,000 Armenia’s by rail to the death camps and charging them for this trip to death

Attorney for the Plaintiffs–Vartkes Yeghiayan of Los Angeles says–"Europeans nick named the Ottomans and reigning Turks as the "Sick Man of Europe" during World War I. Turks lacked governmental organization; therefore–Deutsche Bank and Dresdner Bank stepped in to help them organize–aid and abate in looting–profiting from the innocent. They haven’t cleared their names in history by settling with Jewish Holocaust survivors. The Armenian Diaspora will not waiver either."

In June 2004–Armenian survivors and heirs settled with US giant insurer–New York Life Insurance Company for $20 million dollars–recovering funds for unpaid life insurance policies.

Demirjian–et al. v. Deutsche Bank and Dresdner Bank–(Case No. CV04-7248)–a class action law suit in Federal Court was filed on August 31–2004–seeking payment for recovery of account deposits–as well as punitive damages for unpaid wages and other reparations. The attorney representing Plaintiffs is Los Angeles attorney: Vartkes Yeghiayan of Yeghiayan and Associates. In June 2004–Yeghiayan recovered unpaid life insurance benefits for over 2,000 Armenian policyholders and their heirs in settling Marootian et al. v. New York Life Insurance Company. He is an expert in Armenian asset recovery and Genocide losses.

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