Insurance Settlements

[Hovik]

Axa-oyak Partnership Issue Still Hot

AXA-OYAK PARTNERSHIP ISSUE STILL HOT
By Erkan Acar

Zaman, Turkey
Dec. 1, 2005

The Turkish Armed Forces Pension Fund (OYAK) recently became the focal
point of heated discussion. OYAK General Manager Coskun Ulusoy drew
the attention with his statement "We will certainly purchase one of;
Telekom, TUPRAS, or ERDEMIR". He previously said before the tender
for bloc sale of the state-run Turkish petroleum refineries (TUPRAS),
that they intended to leave Sabanci and Koc holdings behind in the
race on profit, despite OYAK's smaller size.

A Koc Holding top level director Bulend Ozaydinli, at a news conference
following the company's highest bid in the TUPRAS privatization
tender, responded to OYAK: "It is important to make comparisons in
international standards; besides, apples and oranges should not be
mixed, and that is important in terms of educating public opinion
correctly. In order to make comparisons of institutions that are in
different leagues and have different legal status, all available data
should be laid down transparently."

Moreover around the same time the media criticized OYAK. Turkish
daily newspaper Hurriyet's writer Ege Cansen suggested OYAK be
closed down in his September 17th article. Cansen termed OYAK's
participation in privatization tenders as an active entrepreneur
"extremely objectionable". According to Cansen, since OYAK is not
a private enterprise this kind of participation contradicts with a
free market economy. The most important news then followed from the
US regarding OYAK. The institution's French partner AXA had approved
to pay $17 million in compensation to the heirs of Armenians who
were forced to leave the Ottoman State in 1915. Following ZAMAN's
headline announcement of the reports, public opinion reacted harshly
against AXA's decision. The public thought the AXA decision would
aid the recognition of the so-called Armenian genocide. Economic
and political circles wanted OYAK to separate their ways with
AXA. An OYAK statement a week later read that an investigation was
launched into the "genocide compensation". Memoirs written by the
first General Manager of OYAK, Selahattin Ozmen, shed some light
on the happenings during the foundation of the fund. In the book,
socialist intellectuals provided a great deal of support to OYAK,
it said, since the institution introduced the sale of goods on
"Military Markets" for convenient prices in the 1960s.

In his book, Ozmen emphasizes that widely read press writers may be
strengthened via OYPA (an OYAK marketing affiliate). Another issue
touched among the pages of Ozmen's memoir is that the master of
Turkish industry, the late Vehbi Koc, founder of Koc Holding, was
excluded from OYAK since he was regarded as a rival. On the other
side of the situation OYAKBANK's, television commercials emphasize
"the good absolutely wins".

[Hovik]

Anca-wr Supports Heirs Of Armenian Genocide Victims Filing Lawsuit Against German Ban

Armenian National Committee of America - Western Region
104 North Belmont Street, Suite 200
Glendale, California 91206
Phone: 818.500.1918 Fax: 818.246.7353
[email protected] www.anca.org

PRESS RELEASE
Friday, January 13, 2006

Contact: Armen Carapetian
Tel: (818) 500-1918

ANCA-WR SUPPORTS HEIRS OF ARMENIAN GENOCIDE VICTIMS FILING LAWSUIT
AGAINST GERMAN BANKS

-- `We can, today, secure a measure of justice, and that is why we are
here. Justice: A small measure today - from a bank. A greater measure
tomorrow - from the Turkish government. The full measure - soon - of
the justice owed the Armenian nation.' -- ANCA-WR board member Raffi
Hamparian

LOS ANGELES, CA - The Armenian National Committee of America - Western
Region (ANCA-WR) today lent its support and took part in a press
conference and rally outside the Los Angeles offices of Deutsche Bank
announcing a class action lawsuit against both Deutsche Bank and
Dresdner Bank for wrongfully withholding money and assets belonging to
heirs of Armenians who perished during the Armenian Genocide of
1915-1923.

The suit was filed today by attorneys Mark Geragos, Brian Kabatack,
and Vartkes Yeghiayan. Over 600 members of the Armenian American
community were on hand during the press conference to support the
filing of the suit and to protest the banks' wrongful actions.

`Today, we ask simply for what is owed, what has been owed for nearly
a century,' stated Raffi Hamparian, board member of the
ANCA-WR. Justice: A small measure today - from a bank. A greater
measure tomorrow - from the Turkish government. The full measure -
soon - of the justice owed the Armenian nation.'

Geragos, Kabatack, and Yeghiayan recently settled similar lawsuits
against New York Life and AXA for $37.5 million for the wrongful
withholding of insurance policy proceeds held from the Armenian
Genocide era. In today's filing of court papers, the same lawyers
represent the heirs of Armenians who perished during the Armenian
Genocide against Deutsche Bank and Dresdner Bank. The lawsuit states
that these German banks systematically thwarted the recovery of
millions of dollars in assets deposited by Armenians prior to the 1915
genocide. In addition, the lawsuit seeks damages for looted Armenian
assets forcibly taken by the Ottoman Turkish government during the
Armenian Genocide. Deutsche Bank funded the Ottoman Turkish
government's mass genocide of Armenians in return for these looted
Armenian assets.

`Every single lawyer on this case is of Armenian descent and has
ancestors who perished in the Genocide,' said Brian Kabatack, one of
the attorneys filing the class action lawsuit. `We are not going to
settle for less than full restitution.'

Leading the protest in chanting were members of the United Human
Rights Council. Among the hundreds of Armenian Americans from the
greater Los Angeles area who attended the press conference and
protested the German banks were a large number of professionals
working in downtown Los Angeles and students from area universities
and local Armenian high schools.

`This brings memories back, stories of my aunt and uncle being
slaughtered, my dad ending up begging on the streets,' said Katia
Kermoyan, one of the plaintiffs in the lawsuit.

The ANCA is the largest and most influential Armenian American
grassroots political organization. Working in coordination with a
network of offices, chapters, and supporters throughout the United
States and affiliated organizations around the world, the ANCA
actively advances the concerns of the Armenian American community on a
broad range of issues.

#####

Editor's Note: Raffi Hamparian's remarks at the press conference
follow:

Dear friends,

We are brought together today in calling upon Deutsche Bank to make
good on its debt. To honor its obligation.

To return the funds it eagerly accepted but then so heartlessly
withheld from the victims and survivors of the Armenian
Genocide. Withheld - from the wounded, the destitute and desperate -
exactly when they needed access to them the most.

Today, we ask simply for what is owed, what has been owed for nearly a
century.

We know that the time has long-since passed when Deutsche Bank can
make its depositors whole. That time has passed. No one today can wipe
away the blood, the tears, the sweat of endless desert marches, mass
executions, and starvations.

But we can, today, secure a measure of justice, and that is why we are
here.

Justice: A small measure today - from a bank.

A greater measure tomorrow - from the Turkish government.

The full measure - soon - of the justice owed the Armenian nation.

And so, in closing, let me say that today is not about lawsuits, or
lawyers, or banks.

Today is about justice.

The justice long-denied the Armenian nation.

The justice that we - together - will secure for our future.

Thank you.

[Hovik]

Armenian Genocide Descendants File Suit in Los Angeles Against German
Banks

City News Service
January 13, 2006 Friday 11:37 AM PST

Armenian Genocide Descendants File Suit in Los Angeles Against German
Banks

LOS ANGELES

Descendants of Armenian genocide victims filed a proposed
class-action lawsuit in Los Angeles today against two German banks
for allegedly refusing to turn over their ancestors' assets.

The Los Angeles Superior Court lawsuit seeks the recovery of millions
of dollars in money and property that was allegedly wrongfully
withheld by Deutsche Bank and Dresdner Bank following the Armenian
genocide.

Messages left with representatives for the banks, seeking comment on
the suit, were not immediately returned.

The lawsuit charges that the banks have maintained possession of
Armenian families' money and assets deposited by Armenian families
prior to 1915, as well as assets looted by the Ottoman Turkish
government.

The plaintiffs also allege the banks profited from the atrocities
committed against the Armenian people in the Ottoman Turkish Empire
by concealing and preventing the recovery of assets belonging to
Armenian families.

The seven plaintiffs live in California -- five in Los Angeles
County. They are represented by Brian Kabateck, Vartkes Yeghiayan and
Mark Geragos, who are attorneys of Armenian decent.

"Many Armenians living in the Ottoman Empire during the early part of
the last century deposited money, gold and other assets into Turkish
branches of Deutsche Bank and Dresdner Bank," said Kabateck.
"Armenians felt a European bank was a safer place to put their money
as the turbulence of the times increased. Unfortunately, they were
wrong."

Kabateck said the banks and Germany "betrayed the Armenians' trust."

"We now know that the Germans were complacent and present in Turkey
while Armenians were being killed during the genocide," he said.
"Almost 25 years later, it was Hitler who said, 'Who still talks
nowadays of the extermination of the Armenians?' as his troops were
about to invade Poland. It is surprising that the Germans today would
not want to right this wrong."

In January 1916, nine months after the start of the genocide that
killed about 1.5 million Armenians in the Ottoman Empire, a decree
from the Ottoman Minister of Commerce and Agriculture ordered all
financial institutions operating within the country's borders to turn
over Armenian assets to the government, according to the attorneys.

As much as six million Turkish gold pounds were seized, along with
real property, cash, bank deposits and jewelry, which were eventually
funneled to European banks, including Deutsche and Dresdner banks,
they allege.

"Deutsche Bank and Dresdner Bank deliberately hid the whereabouts of
Armenian assets for 90 years," Geragos alleged. "For decades,
Armenians have been trying to retrieve their money and property, but
the banks have refused to cooperate. Their full misconduct was
recently uncovered when archival documents in the U.S. and Turkey
came to light."

There is no statute of limitations on claims to recover money and
other property deposited in a bank, the attorneys said.

"The banks accepted these assets from the Ottoman government knowing
full well that they were looted from Armenians," Yeghiayan said. "The
stolen assets helped finance the Turkish government's war effort."

Yeghiayan said the plaintiffs are seeking reparations similar to
those made by Swiss banks to Jewish Holocaust victims in 1998.

The attorneys earlier represented heirs of Armenians who purchased
insurance in the Ottoman Empire prior to the Armenian genocide, but
whose heirs never received benefits.

The trio said they settled lawsuits earlier this year with New York
Life and AXA for $37.5 million.

[Hovik]

Armenian Descendants Sue German Banks

CBS 2, KCAL 9, California
Jan 14 2006


Armenian Descendants Sue German Banks


(AP) LOS ANGELES Heirs of Armenians killed 91 years ago in the
Turkish Ottoman Empire sued Deutsche Bank and Dresdner Bank Friday,
claiming the German banks owe them millions of dollars and other
assets deposited by their ancestors.

The class-action lawsuit was filed in Los Angeles Superior Court on
behalf of seven Armenians living in Southern California. This is the
latest bid by Armenians in the United States to recover assets they
believe belonged to some $1.5 million Armenians who perished in a
genocide beginning in 1915.

Litigation brought against New York Life Insurance Company by
Armenian descendants led to a $20 million settlement. French life
insurer AXA has agreed to pay $17 million to settle a separate
class-action claim. Both lawsuits made similar allegations.

The lawsuit against the German banks seeks to recoup unspecified
millions of dollars for assets such as gold, cash and jewelry.

The banks also are accused of concealing and preventing the funds
from being recovered by the account holders' heirs.

[Hovik]

Armenians Demand That Deutsche Bank And Dresdner Bank Return Deposits Of Their Ancest

ARMENIANS DEMAND THAT DEUTSCHE BANK AND DRESDNER BANK RETURN DEPOSITS OF THEIR ANCESTRY

Pan Armenian
16.01.2006 20:00 GMT+04:00

/PanARMENIAN.Net/ US resident descendants of Armenians, who fell
victim to the Armenian Genocide in Turkey in 1915, brought an action
against Deutsche Bank and Dresdner Bank, where their ancestors
had accounts. Seven residents of South Carolina - Armenians, whose
ancestors fell victim to the Armenian Genocide in Turkey in 1915
- went to the law in Los Angeles Friday. The suit authors demand
that German banks return the deposits of their ancestors amounting
some half a million US dollars. Three lawyers - Mark Geragos, Brian
Kabateck and Vardges Yeganyan. In the lawyers' opinion, German banks
evaded from paying off Armenian's deposits' to their descendants
and thus in fact appropriated what had belonged to them. Moreover,
the Deutsche Bank funded the Turkish Government, which committed
the Armenian Genocide. In Kabateck's words, many Armenians in early
20th century preferred keeping their money, stocks of materials
and capital equipment en European and not Turkish banks. However,
they miscalculated. "German banks disappointed Armenians," he
emphasized. Yeganyan said the process is like that when in 1998
the Swiss Bank returned deposits to Jews, who were descendants of
the Holocaust.

[Hovik]

Armenians Protest Outside Deutsche Bank In Los Angeles

ARMENIANS PROTEST OUTSIDE DEUTSCHE BANK IN LOS ANGELES

Yerkir
16.01.2006 15:18

YEREVAN (YERKIR) - More than 1,000 Armenians from across Los Angeles
County held signs that read "Blood for $" and chanted "Shame on
Deutsche Bank," according to Los Angeles media reports.

Demonstrators gathered at the downtown offices of Deutsche Bank
A.G. Friday morning, hours after it and Dresdner Bank A.G. were
slapped with a class-action lawsuit claiming they have withheld money
and assets from the heirs of Armenian Genocide victims for 90 years.

"We brought this case specifically to address the wrongs committed
by this bank and others who profit off the Armenian Genocide,"
said attorney Brian Kabateck, of Kabateck, Brown, Kellner, LLP at
Friday's rally. He and Mark Geragos, of Geragos & Geragos, APC; and
Vartkes Yeghiayan, of Yeghiayan & Associates, filed the lawsuit in
Los Angeles Superior Court.

The suit claims that the two German banks have prevented the recovery
of millions in money and assets deposited by Armenians prior to World
War I and the Armenian Genocide. The lawsuit also claims that the
banks accepted "looted assets" taken by the Ottoman Turkey government
during World War I and the Armenian Genocide.

Deutsche Bank spokespersons declined any comments.

The suit seeks restitution -- which Geragos estimates in the tens of
millions -- for the heirs of genocide victims.

[Hovik]

Banks Face Up To Murdered Armenian Lawsuit

BANKS FACE UP TO MURDERED ARMENIAN LAWSUIT

http://news.hereisthecity.com/news/business_news/5126.cntns

15/01/2006

Descendants of Armenians killed over 90 years ago have filed a
class-action lawsuit in the US and sued Deutsche and Dresdner,
alleging that the German banks owe them millions of dollars in cash
and other assets depositied by their ancestors.

The lawsuit claims that in January 1916, 9 months after the Genocide
began that eventually killed 1.5 million Armenians in the Ottoman
Empire, a decree from the Ottoman Minister of Commerce and Agriculture
ordered all financial institutions operating within the country's
borders to turn over Armenians assets to the Government.

Assets worth millions are said to have been eventually funneled to
European banks, allegedly including Deutsche and Dresdner. The banks
are said to have profited from the atrocities committed against the
Armenian people by concealing and preventing the recovery of assets
rightfully belonging to Armenian families.

Legal action initiated against New York Life Insurance Company resulted
in a $20m settlement. French insurer Axa also agreed to pay $17m to
settle a similar class-action lawsuit.

Deutsche and Dresdner have so far refused to comment on the matter.

[Tongue]

Armenians to Deutsche Bank: Thou Shalt Not Steal

Hundreds of Armenians gathered Friday to protest the failure of Deutsche Bank and Dresdner Bank to return money and assets belonging to the heirs of Armenian genocide victims. The descendants of policyholders filed a class action lawsuit against the two German banks Friday seeking the recovery of millions of dollars that have been wrongfully withheld since the Genocide of 1915. Brian Kabateck, Vartkes Yeghiayan, and Mark Geragos, who have won two similar cases against New York Life and AXA, are representing the plaintiffs. Yeghiayan described the case as being "about the restitution of history. It's about justice. And it's about time."

[Tongue]

No One Should Benefit from the Armenian Genocide



January 16, /PanArmenian.Net/ Armenian lawyers Brian Kabateck, Mark Geragos, and Vartkes Yeghiayan, filed the lawsuit against Deutsche Bank and Dresdner Bank in Los Angeles Superior Court. January 13 more than 1,000 Armenians from across Los Angeles County held signs that read "Blood for $" and chanted "Shame on Deutsche Bank," according to Los Angeles media reports. Demonstrators gathered at the downtown offices of Deutsche Bank A.G. Friday morning, hours after it and Dresdner Bank A.G. were slapped with a class-action lawsuit claiming they have withheld money and assets from the heirs of Armenian Genocide victims for 90 years. The suit claims that the two German banks have prevented the recovery of millions in money and assets deposited by Armenians prior to World War I and the Armenian Genocide in 1915. Vartkes Yeghiayan presented the causes of filing the suit. In his words, in 1915 Young Turks stole golden coins from Armenians and handed them over to Deutsche Bank. The gold was transferred into money, that was kept in the Deutsche Bank. "These facts are documented. As lawyers, we want to see those accounts, Vartkes Yeghiayan said. The lawsuit also claims that the banks accepted "looted assets" taken by the Ottoman Turkey government during World War I and the Armenian Genocide. The Armenian lawyers' suit against Deutsche Bank includes 3 point. However, as the local judge explained, the suit can only be considered over one point - restitution by the Bank. Just based on the lawyers intend to initiate legal proceedings in the Federal Court. "The German banks should know Armenians have claims against them. Our position is the following: no one should benefit from the Armenian Genocide," said Vartkes Yeghiayan, reported the Yerkir.

[Kharpert]

I was there at that protest. At least 4 of the Armenian high schools were present at the event.

Zankou Chicken delivered about 1,000 sandwiches to the protest (their compliments).