GARAMENDI APPOINTS MEMBERS OF ARMENIAN INSURANCE SETTLEMENT FUND BOARD:

Insurance Commissioner John Garamendi announced three appointments to the Armenian Insurance Settlement Fund Board. The board was created to oversee the settlement of claims against New York Life Insurance Company as directed in the settlement of a class-action lawsuit on behalf of heirs and descendants of policyholders who were killed during the Armenian Genocide more than 90 years ago. The board members, Viken Manjikian, Paul Krekorian and Berj Boyajian, will evaluate claims and determine which are to be paid pursuant to the terms of the settlement agreement. The board’s decisions will be final with no right of appeal. Early this year, Commissioner Garamendi, after long negotiations, was able to secure a $20 million fund to help fund the payment of claims in the case. New York Life compromised in order to reach a detailed agreement that will benefit both the survivors of the policyholders as well as the Armenian community. Of the $20 million fund, at least $3 million will be put into the ‘Unclaimed/Heirless Fund,’ which will be contributed to court-approved charitable organizations – as set forth in the settlement agreement – whose activities advance the Court-approved charitable interests of the Armenian community. Manjikian, of Lancaster, is director of Inpatient and Emergency Radiology, and director of Vascular and Interventional Radiology at Antelope Valley Hospital. Boyajian, of Beverly Hills, operates Boyajian and Associates in Los Angeles. Krekorian, of Burbank, is a founding partner of the law firm Fisher & Krekorian in Los Angeles.