YEREVAN (Armenpress)–About 12,000 Armenia’s descendants of life insurance policyholders who died during the Genocide have applied for compensation from the French Insurance Company AXA.
Barsegh Gartalian, executive manger of an office established in Los Angeles to deal with applications, said to Armenpress they are now registering, verifying and analyzing the applications.
He said the bulk of applications are from Armenia’s in the USA, Armenia and France. It will take 6 to 12 months for the process of compensation payment to begin, he added.
Last year AXA agreed to pay $17.5 million to descendants of life insurance policyholders.
More than 1,200 Armenian citizens have already been compensated this year as part of a similar settlement made by the U.S. New York Life Insurance Company with Armenian-American heirs to genocide victims in 2004. Lawyers that negotiated the $20 million deal have similar actions pending against Deutsche Bank and Dresdner Bank of Germany.
US based attorney Mark Geragos along with attorneys Vartkes Yeghiayan and Brian Kabateck filed a class action lawsuit in 2006 in a California federal court against AXA for failing to pay death benefits for the insurance policies purchased by Armenia’s in Turkey prior to the 1915.
The proceeds of the agreement, which was mediated by Federal Judge Dickran Tevrizian, are to be disbursed as follows: Up to $11 million for the heirs of life insurance policyholders; $3 million to be contributed to a newly-created French-Armenian charity; and $3 million for attorneys’ fees and legal/administrative.