Insurance Settlements

[Hovik]

French insurer reaches Armenian massacre settlement


LOS ANGELES, Oct 12 (Reuters) - The descendants of some of the 1.5 million Armenians killed under Ottoman rule in 1915 will share a $17 million settlement in a class-action lawsuit brought against French insurance giant AXA for unpaid life insurance benefits, lawyers said on Wednesday.
The settlement is to be approved in November in U.S. District Court in California, which is home to the largest number of Armenians living outside Armenia.

The class includes Armenians living in the United States and abroad who are descendants and heirs of policyholders who perished in what Armenians say was a genocide perpetrated by Turks.

It was the second lawsuit of its kind to be settled in U.S. courts despite the fact the United States, along with Turkey, does not officially recognize the deaths as genocide.

In February, New York Life agreed to pay $20 million to descendants of its Armenian policyholders killed in 1915.

Turkey has always denied there was a systematic campaign to annihilate Armenians, saying the deaths occurred in partisan fighting and chaos during the collapse of the Ottoman Empire.

The California settlement will be administered in France, one of the first countries to recognize the Armenian genocide. AXA is headquartered in France and does business in the United States through subsidiaries.

AXA agreed to donate several million dollars to various France-based Armenian charitable organizations. It will also contribute $11 million toward a fund designed to pay valid claims of heirs of policyholders with AXA Group subsidiaries that did business in the Turkish Ottoman Empire before 1915.

In the chaos that surrounded the killings, many policyholders were unable to obtain their insurance proceeds.

"The AXA and New York Life settlements are important building blocks not only toward seeking financial recovery for the losses resulting from the Armenian genocide but also in our ultimate goal, which is for Turkey and the U.S. to officially acknowledge the genocide," said Mark Geragos, an Armenian descendant who was one of the lawyers for the plaintiffs.

[Gavur]

Anca Welcomes Axa Settlement Of Armenian Genocide Era Insurance Claims

ANCA WELCOMES AXA SETTLEMENT OF ARMENIAN GENOCIDE ERA INSURANCE CLAIMS

Pan Armenian
14.10.2005 20:31 GMT+04:00

/PanARMENIAN.Net/ The Armenian National Committee of America welcomed
the settlement of a class action lawsuit against AXA Insurance company,
allowing descendents of Armenian Genocide era insurance policy holders
to seek the assets denied to them for far too long. The historic case
is the second of its kind, following the New York Life Insurance
class action case settled in February, 2004. In both cases, the
heirs of genocide-era claim holders were represented by Yeghiayan and
Associates, Geragos and Geragos, and Kabateck Brown Kellner. To place
this settlement in its proper context, it is important to note that,
while the heirs and grandchildren of Genocide-era policy holders will
now receive some small portion of those funds, we should remember that
those monies were not available when these orphans of the Genocide
needed them the most. Instead, they were collecting interest in AXA
coffers and remained there for some 90 years until this corrective
action was taken. The European affiliates of the ANCA played an
important role in educating the European citizenry in general and
the Armenian community in particular regarding the AXA case, through
a media outreach and a far-reaching email campaign. As part of this
effort, the European Armenian Federation for Justice and Democracy
(EAFJD) initiated a petition campaign to AXA France Supervisory
Board Chairman Claude Bebear, urging the firm to accept a fair
settlement that would extend a measure of dignity and recognition
to the victims wrongfully denied their property for the past nine
decades. The Armenian American community expects a fair, effective,
and orderly claims process be put in place that fully accounts for
each policyholder and appropriately disburses funds to European
Armenian charities and organizations with a long-standing record
of fighting for the rights of the descendants of Armenian Genocide
victims. While the AXA case is significant in that it recognizes the
legitimacy of the insurance claims of Armenian Genocide victims, it
is by no means related to any claims for the deaths, thefts, bodily
harm, and real and personal property confiscation undertaken by the
government of Ottoman Turkey and the Republic of Turkey between 1915
and 1923, the liability and responsibilities for which continue to
be held by the modern day government of Turkey. Nor does the damages
calculation assigned in this case relate in any way to those claims,
which continue to remain outstanding

[Gavur]

French Insurance Company Axa Operates In Turkey Too

FRENCH INSURANCE COMPANY AXA OPERATES IN TURKEY TOO

On October 4 and 6, daily Azg informed that the French Axa Insurance Company will pay $ 17 million to descendants of policyholders who perished during the Armenian Genocide. The descendants had earlier filed a class action lawsuit in California against Axa demanding compensation. The company then agreed to pay by the end of the proceedings. The sides signed an agreement.

In accordance with the agreement, Axa is going not only to pay the owing $17 million but also provide aid of several millions to Armenian charity organizations in France. Allegedly, the court of California will make a decision in November based on the sides' agreement.

On October 13, Turkish Public TV aired about this agreement; Zaman paper's response came on 14th. As it transpired from Turkish response, Axa has a branch in Turkey called Axa-Oyak.

Founded in 1961 as Aid Union for Servicemen, Oyak is currently one of the key companies with more than 40 plants, including machine-building ones. Acquiring 11 percent of the company's shares, Axa joined with Oyak and later became co-shareholder raising the number of shares to 50 percent.

By Hakob Chakrian

[Gavur]

'OYAK Should Go Separate Ways with Axa'

By Economy News Desk
Published: Saturday, October 15, 2005
zaman.com


The French Insurance giant, AXA’s, announcement to pay compensation to the Armenians in the US, who went to court with the allegation of "genocide," drew great reactions.

The French company owns 50 percent of AXA-OYAK ( the Turkish Armed Forces Pension Fund) partnership in the Turkish insurance sector, which added a new dimension to the issue. Non-governmental organizations asked OYAK to give an end to the partnership. Grand Union Party (BBP) leader Muhsin Yazicioglu termed the issue as "a very serious situation" and called OYAK to break up with the French company. Turkish Jurists Association Board of Directors member Kemal Kerincsiz underlined that the material benefits are not important in this matter. The development drew reaction also in Zonguldak Eregli where Erdemir facilities, in which OYAK proposed $2.77 billion, is situated. Chamber of Commerce and Industry Chairman Ahmet Likoglu said, "This is unacceptable."

In Zaman's headline "OYAK's Partner AXA Agrees to Pay $17 Million to Heirs of Armenians" on Friday, it was noted that the relatives of the Armenians, who lost their lives during the forced migration in 1915, had filed a class-action against AXA in California. The French company agreed to pay $17 million to the plaintiffs before the case was concluded. The Armenians that went to the court said their relatives had life insurance from AXA during the Ottoman era and asked for compensation on allegations that they "died in the genocide".


Regarding OYAK’s French partner’s acceptance to pay compensation to the Armenians with the allegation of "genocide," BBP leader Muhsin Yazicioglu said it was "a very serious situation;" paying compensation can be considered natural in legal terms he said, but that making this payment under the name of genocide is thought-provoking.


Can Baydarol from Istanbul Commerce University expressed the OYAK-AXA relationship must absolutely be revised. The world view represented by OYAK is clear, Baydarol reckoned.

Compensation payment must be prevented


Ankara Chamber of Commerce (ATO) Chairman Sinan Aygun said the issue of forced migration will develop against Turkey if OYAK's French partner AXA pays the compensation to the Armenians. Aygun, who defended that this must not be allowed since the rest will follow, said: "The result of the compensation will mean that Armenia's dream has come true. Here AXA agrees to pay the compensation before the decision is ratified by the court. In other words, it accepts the Armenians claims. I strongly condemn this." The OYAK Group, he further said, must immediately step in and say "We have documents that Armenians massacred the Turks" and prevent paying the compensation.

[Gavur]

Nationalists Warn Oyak: Do not Be Involved in Crime

By Cagri Cobanoglu, Osman Asilturk, Serbest Ozden
Published: Sunday, October 16, 2005
zaman.com


Reactions increase as the Turkish Armed Forces Pension Fund OYAK’s foreign partner AXA announced that it would pay compensation to Armenians who applied to court for Armenian genocide claims.

The “nationalist” segment, which remained silent upon Erdemir’s sale to Oyak, although they opposed to privatizations, wants Oyak to respond to the French company. While Turkish Workers’ Party (IP) leader Dogu Perincek says, “Oyak should display an attitude”, 68’s Union Foundation Chairman Gokalp Eren said that Turkey is wanted to be disintegrated as he said it was wrong for OYAK to remain silent. Culture and Tradition Chair Kemal Ermetin said they will stop supporting OYAK and cancel their accounts in the bank if it continues to remain silent. Memur-Sen Chairman Ahmet Aksu stresses that Oyak is involved in the crime by remaining silent.


At the end of the judicial process in California, US, French insurance company AXA had accepted that it would pay a $17 million compensation for the families of Armenians, who lost their lives during the deportation in 1915. After Zaman reported the issue from the headline the day before, AXA received great reactions, which carries out insurance activities in Turkey with OYAK. The fact that OYAK did not take any actions against its partner increased the reactions. Eren interpreted the decision as a reflection of the US policy. Eren told AXA is a part of the world capital policy and cannot separate from it. Claiming that the foreign countries want Turkey to disintegrate, Eren wanted OYAK to make a statement. In the meantime, Ermetin warned that they would stop supporting this institution if it did not make an assessment about the issue. He said that ignorance of Turkey’s national sensitivities, would bring no good adding, “Partnership is a commercial issue. The Turkish public will consider this. If OYAK does not evaluate this with its own initiative, then Turkish nationalists will do it. We have supported OYAK so far. But, we will cancel all our accounts in OYAK. AXA should either apologize or take a backwards step.”


Stressing that OYAK’s studies have always been secret until today, Memur-Sen Chairman Ahmet Aksu said he condemns OYAK and added that the administrators should give an answer. Aksu wanted OYAK to cancel its partnership with AXA immediately and told: “It claims that there is national and local capital. What kind of logic is behind this?” Aksu said it will mean that OYAK has accepted the crime if does not make a statement. He said that they will take a decision to boycott the decision and ask syndicate members not to make insurance with OYAK.



Indicating that the situation is not a surprise for him, the writer and journalist Omer Lutfi Mete said OYAK should have cancelled its partnership with AXA before. “You can see people and institutions that are considered as credible, reliable and holy, cooperate with the enemy about Turkey’s basic issues. It is not surprising, “Mete said.




Istanbul

[Gavur]

Armenian pontiff: court settlements step to genocide recognition

Posted on Sun, Oct. 16, 2005
PETER PRENGAMAN

Associated Press


LOS ANGELES - Two recent life insurance settlements for decedents of Armenians killed 90 years ago by the Turkish Ottoman Empire are a first step toward international recognition that the bloodshed was an act of genocide, the Armenian pontiff said Sunday.

His Holiness Aram I, on a two week visit through Southern California, home to the largest Armenian community outside the Asian country, said the financial settlements could help prod Turkey and Turkish allies like the United States to declare the killing of up to 1.5 million Armenians in eastern Turkey a genocide.

"The settlements will be helpful in raising awareness," Aram I said in an interview Sunday with The Associated Press. "If we are committed to preventing future genocide in the world, the world must recognize the genocide that has happened."

Aram I, the spiritual head of one of the Armenian Apostolic Church's two branches, said gaining recognition for the mass killings took on a religious meaning for thousands of Armenian families who fled Armenia during the turmoil and have yet to return.

The church is a focal point for the Armenian diaspora, including the estimated 500,000 Armenians living in Southern California.

"The crime and sin must be acknowledged by those who committed it," Aram I said.

Turkey acknowledges that large numbers of Armenians died between 1915 and 1923, but says the totals have been exaggerated and that the deaths occurred in the civil unrest during the collapse of the Ottoman Empire.

France, Russia and many other countries have declared the killings genocide. Turkish allies including the United States and neighboring Azerbaijan have not.

Last week, French life insurance company AXA agreed to pay $17 million to settle a class-action lawsuit filed by descendants of Armenians killed, splitting the money between about 5,000 people and charities. That came after New York Life Insurance Co. and heirs of some 2,400 policyholders agreed last year to a $20 million settlement, believed to be the first in connection with the disputed event.

Turkey, which has no diplomatic ties with Armenia, is facing increasing international pressure to fully acknowledge the event as it seeks membership in the European Union.

It was the pontiff's third trip to California since being elected in 1995 as head of the Great House of Cilicia, the diaspora branch of the church based in Lebanon.

During the visit, Aram I has lead a handful of masses at Armenian churches, met with local political leaders and spoken to groups including the World Affairs Council of Los Angeles.

The church's other branch, the Catholicosate of All Armenians, is headquartered in Armenia. Its pontiff, His Holiness Karekin II, visited California in June.

The church split administratively more than 50 years ago while Armenia was under the control of the Soviet Union.

Aram I said the division turned out to be a "blessing" because it allowed the Armenian Church to better connect with millions of Armenians living abroad.

Less than 3 million live in Armenia while more than 1 million live in the United States. There are also large numbers in Lebanon, Iran and Syria.

"At this point, the two centers are serving their people," said Aram I when asked if the administrative centers might someday consolidate. "What will happen in the future, nobody knows."

[Gavur]

French Insurer to Enable Heirs of Genocide Victims to Search for Names on its Website

French Insurer to Enable Heirs of Genocide Victims to Search for Names on its Website

By Harry Tamrazian in Prague

Descendants of victims of the 1915 Armenian Genocide will be able to use a searchable website soon to check whether any of them are eligible to make a claim to a French insurer, a Los Angeles-based lawyer told RFE/RL on Wednesday.

A class action lawsuit against French insurer Axa for $17 million was settled earlier this month in a California court accusing the company of failing to pay death benefits for the insurance policies purchased by Armenians living in the Ottoman Empire prior to the genocide in which up to 1.5 million people were killed.

“We are working with Axa to have a searchable website so people can go and look for names. We want to make it as easy as possible,” Brian Kabateck, one of the three lawyers of Armenian descent investigating the case, told RFE/RL.

He hopes that the list will be available to the public within the next six months and anyone who thinks his grandparents or parents might have purchased the policy will be able to check it on the website.

Kabatech explained that under the terms of the deal Axa will donate at least $3 million to various French-based Armenian charities and another $11 million towards a fund designed to pay out policyholders. And $3 million will be allocated for the cost of administering the settlement, including international advertising.

“This shows that 90 years later we still can make a difference. It shows that all the lawyers involved in the case want to continue looking for documentation of insurance, of made deposits, of stolen property. We will pursue anything that we can pursue,” he said.

The Axa settlement follows a similar agreement with New York Life Insurance Company in early 2004 under which it agreed to pay $20 million.

According to Kabatech, Axa was more cooperative in reaching the settlement than New York Life.

Now, Kabatech says, they are also investigating a case against Deutsche Bank which received deposits of money and property from Armenians that after the genocide never would turned over to.

As to how substantial this claim is, the lawyer said: “We are still investigating it. But it doesn’t matter how substantial it was, because even if they did it to one person, that’s too many.”

http://www.armenialiberty.org/armeniareport/report/en/2005/10/D6F00EE2-E331-4ABC-90BF-AABCBC2F715F.asp

[Gavur]

Turkish Holiday

The Armenian deportations were often greeted with great joy by the Turkish populations as an opportunity to plunder the Armenians one final time.

The members of the Committee of Union and Progress and their friends were given preference and could buy Armenian homes for 2% of their market value. Huge personal fortunes were made overnight by the Young Turks.

Some proceeds were sent to Constantinople to repay war debts to Germany. Other homes were auctioned off to the local Muslims, as was the custom after funerals. There was one difference: all proceeds went to the government since no heirs would survive.

Every source was exploited. Talaat Pasha confronted American Ambassador Henry Morgenthau, demanding that he submit a list of all Armenians who carried life insurance with American firms. Since they and their beneficiaries were all dead, all payments should go to the Turkish government as the beneficiary. Morgenthau refused to cooperate. It is estimated that the Young Turks appropriated 14 billion dollars from the Armenians in goods, livestock, personal possessions, industries and finance. It was plunder on a grand scale.


One day Talaat made what was perhaps the most astonishing request I had ever heard. The New York Life Insurance Company and the Equitable Life of New York had for years done considerable business among the Armenians. The extent to which this people insured their lives was merely another indication of their thrifty habits. "I wish," Talaat now said, "that you would get the American Life insurance companies to send us a complete list of their Armenian policy holders. They are practically dead now and have left no heirs to collect the money. If ... all escheats to the State, the Government is the beneficiary now. Will you do so?"

This was almost too much, and I lost my temper. "You will get no such list from me," I said, and I got up and left him.

Ambassador Morgenthau's Story, p. 339.

[Gavur]

French insurer caught between Armenians, Turks

http://www.expatica.com/source/site_article.asp?subchannel_id=58&story_id=24915&name=French+insurer+caught+between+Armenians%2C+Turks

[Hovik]

Ankara Fears from the Obligation to Pay Compensation to the Heirs of Armenian Genocid

Ankara Fears from the Obligation to Pay Compensation to the Heirs of Armenian Genocide Victims

Turkey has begun a campaign against insurance companies that express readiness to pay compensation to the heirs of genocide victims.
10.11.2005 GMT+04:00

The government of Turkey has approved the proposal of political strategists insisting on the necessity to discredit Western insurance companies yielding to the pressure of Armenian organizations. The newly established structure in Ankara, known as «the commission for denying the invented Armenian genocide» has sanctioned actions of protest against the decision of French «Axa» insurance company which has agreed to make concessions to Armenians. It is worth reminding that as a result of the judicial process started by the claim of heirs of Turkish Armenian insurance policy holders, the parties reached an agreement according to which the company engaged itself to pay 17 million US dollars to the heirs of insurance holders who had suffered from the events of 1915.
/PanARMENIAN.Net/ «Axa» insurance company has worked in the Turkish insurance market for already 110 years and has earned hundreds of million dollars thanks to its Turkish clients. This is exactly what enrages Ankara. In spite of the threat to lose a very perspective market, the French company has decided to pay the debts to genocide victims, since reputation means much for them. «Memur-Sen» - one of the largest trade unions in Turkey, has come up with the initiative of organizing actions of protest against the decision of «Axa» company. The trade union promises to conduct actions of protest in front of all the 80 branches of the company, calling citizens to refuse the services of the French company. It should be taken into account that the management of «Axa» has recently announced that the decision is not political, but purely legal. In the announcement it was also stressed that the signed agreement is not meant to qualify the events of 1915 as genocide.

This is not the first “action of frightening” organized against “Axa”. Last week statements of protest were made also by “Oyak” pension fund that serves the military personnel of the Turkish army. The fund has closely cooperated with «Axa» company for quite a long period, but when the well-known agreement was signed, «Oyak» broke relations with “Axa” demanding «public apologies». Moreover, the head of «Oyak» pension fund Ahmet Axu demanded from «Axa» and other Western insurance companies functioned in the Ottoman Empire to «pay compensation to the Turks, killed by Armenians».

The extremely painful reaction of Turks to the readiness of the insurance company to bear responsibility to its Armenian clients seems inadequately harsh only at the first sight. Seemingly, Turks have nothing to worry about, since the compensation is to be paid by the French and not by themselves. But in Ankara they realize that the rising wave may turn to a storm which will strike a powerful blow not only to the reputation of Turkey but also to its financial system. «Axa» is yet the second company that has agreed to pay compensation. (As it is known the first company was the American «New York Life Insurance») But when the campaign picks up speed and power, insurance company owners and bankers will have to put the blame on Turkey to avoid disaster. Sooner or later the following question will emerge – where are the properties that were once insured by Turkish Armenians? Why do those properties do not belong to the former residents of Western Armenia? The objective answer to these questions will make insurance company owners and bankers, influenced by Armenian lobby, demand compensation from the successor of the Ottoman Empire, that is to say from the Turkish Republic. By the calculation of the chairman of the Assembly of Turkish Organizations of America Erjument Kilich the compensation sum may be estimated at trillions of dollars. Will the Turkish economy bear such a blow?