German Banks Sued By Heirs Of Armenians
The descendants of a number of Armenians that died over 90 years ago in the Turkish Ottoman Empire are suing two German banks. The class action lawsuit alleges that the banks, Deutsche Bank A.G. and Dresdner Bank A.G, have millions of dollars in cash and various other assets deposited by their ancestors and which rightfully belong to them.The seven Armenians that are involved in the class action lawsuit reside in Southern California. The lawsuit aims to get back assets that apparently belonged to one and a half million Armenians that were killed in 1915 in a genocide. Similar lawsuits were brought against the New York Life Insurance Company and AXA Life Insurance, both of which paid out $20 million and $17 million respectively.
The latest lawsuit claims that the German banks owe the plaintiffs assets that include cash, jewels, and gold, deposited by the plaintiffs’ ancestors. It is claimed that the assets that were not deposited by the ancestors in Turkish branches of the banks were actually looted and then transferred to banks in Europe.
One descendant, who is also an attorney stated: "After the genocide, you had two groups of people: You had families completely wiped out and you had families who simply escaped. Neither were able to get their assets out of the bank ... and 91 years later, we want to make it right."
Topic Added January 31st, 2006
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