French Insurance Company Agrees to Pay $17 Million to Genocide Heirs

LOS ANGELES–The French Insurance Company Axa has agreed to pay $17 million to descendants of life insurance policyholders who perished during the Armenian genocide.

The unofficial announcement came on October 2 by prominent Los Angeles attorney Mark Geragos–one of the attorneys–along with Vartkes Yeghiayan and Brian Kabateck who filed a class action lawsuit in a California federal court against Axa.

Though the judge in the case has not signed the deal–he has agreed to the $17 million settlement.

Geragos made the announcement during a USC Institute of Armenian Studies banquet honoring Federal Judge Dickran Tevrizian who mediated the settlement.

Of the $17 million–up to $11 million will go to the heirs of close to 11,000 life insurance policyholders; $3 million to various Armenian non-profits; and $3 million for attorneys fees. A French-Armenian non-profit will process and pay the claims–and will receive funds leftover after claiman’s are paid.

The Axa settlement follows a similar agreement with New York Life Insurance Company in early 2004. New York Life agreed to pay $20 million which was to be disbursed as follows: Up to $11 million for the heirs of 2,400 life insurance policyholders who perished during the Armenian genocide; $3 million for nine Armenian-American charitable and religious organizations; $2 million for administrative expenses; and $4 million for attorneys fees.


Discussion Policy

Comments are welcomed and encouraged. Though you are fully responsible for the content you post, comments that include profanity, personal attacks or other inappropriate material will not be permitted. Asbarez reserves the right to block users who violate any of our posting standards and policies.