|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 3140 | Insurance | 08/19/2004
The parties have reached a tentative $20 million settlement in an action filed against New York Life Insurance Company on behalf of descendants of victims massacred in the Armenian Genocide of 1915, who allege that the company failed to pay life insurance policy proceeds to them. Persons eligible to participate in the settlement should contact the class attorneys.
The class includes Armenians living in the United States and abroad who are descendants and heirs of policyholders who perished in the first genocide of the twentieth century. Under the terms of the settlement, New York Life will pay a total of $20 million which includes payment to policyholder heirs and a minimum of $3 million to various Armenian charitable organizations. Prior to 1915, New York Life sold life insurance policies to thousands of Armenians living in the Ottoman Empire. New York Life policyholders were among the 1.5 million Armenians massacred during the Genocide. In the ensuing chaos, many of the rightful policy heirs were unable to obtain the insurance proceeds while others were unaware that they were entitled to any insurance benefits. During the course of litigation New York Life acknowledged its records indicated an estimated 2,400 policies sold to Armenians prior to the Genocide may remain unpaid. In November 1999, Martin Marootian, along with 12 other plaintiffs, filed this lawsuit. It asked that New York Life divulge the names of Armenians who purchased life insurance policies in the Ottoman Empire prior to the Genocide and to properly compensate the beneficiaries of those policies. Plaintiffs' co-counsel, Vartkes Yeghiayan of Yeghiayan & Associates, states: "This lawsuit proves anew that the past is not dead and not even past. I know that this settlement will not bring back the life of even one Armenian child. But this settlement is important, because it symbolizes our resolve to achieve justice for our ancestors who were massacred in the Armenian Genocide." Co-counsel William Shernoff of Shernoff, Bidart & Darras adds, "The settlement of insurance claims from 1915 through this class action lawsuit is a marvelous display of how far the American Judicial System can reach in pursuit of justice. All parties should be congratulated for working through a difficult and complex legal situation in order to finally make payments on insurance policies issued nearly a century ago." The following Armenian organizations will share equally in the $3 million fund: Prelacy of the Armenian Apostolic Church Eastern US and Canada Armenian Church of North America Western Diocese Western Prelacy of the Armenian Apostolic Church Armenian Apostolic Catholic Exarchate Armenian Missionary Association of America, Inc. Armenian Relief Society, United States Chapter Armenian General Benevolent Union Armenian Educational Foundation
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Insurance Cases of Interest A class action lawsuit has been filed in U.S. District Court for the District of Delaware against Nationwide Mutual Insurance Company. The case involves an alleged breach of insurance contract. Is it right for a company to take out life insurance on its employees so that it can make a profit from its workers' death? A class action has been filed against Wal-Mart Stores, Inc. on behalf of widows of former New Hampshire Wal-Mart employees who allege that the company purchased life insurance policies on more than a thousand employees without their knowledge in violation of their right to privacy and in breach of the company's fiduciary duties to its employees. A class action lawsuit has been filed in the Western District Court of Washington against the Boeing Company Employee Health and Welfare Benefit Plan for violations of the Employee Retirement Income Security Act (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans. Class members seek the recovery of benefits, attorney's fees and costs of the litigation. Several class actions have been filed against certain officers and directors of Chinese insurance company China Life Insurance Company Limited (NYSE: LFC) by stockholders who purchased the company's common stock between December 22, 2003, and February 3, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action suit filed in Baltimore alleges that CareFirst BlueCross BlueShield of Maryland has overcharged policyholders millions of dollars by jumping the gun on premium increases permitted by their health insurance policies. Burial insurance can be a relatively inexpensive way to offset funeral expenses. The class has been certified in a nationwide action filed against Liberty Life Insurance Company on behalf of all African-Americans who are current or former owners of industrial life insurance policies issued by Liberty Life or any insurance companies acquired by Liberty Life, and who were charged race-based premiums that were greater than premiums charged to similarly situated Caucasians. The action alleges that the company committed fraud and violated state unfair practices laws when it used blatantly discriminatory sales tactics to target unsophisticated consumers as potential buyers of industrial insurance, also known as burial insurance.
|
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
