Monday, 7 May 2007

Deutsche Bank to be tried over Armenian Genocide compensation claims

According to Iranian IRNA agency, US-Armenian legal team is to meet with German officials over Armenian Genocide compensation claims

Previously, the European Armenian Federation called the descendants of Armenian Genocide survivors, defenders of human rights, European leaders, and all Euro citizens to protest Deutsche Bank's refusal to accept responsibility for the crimes it committed in 1915 and continues to profit from today. It's worth reminding, that New York Life insurance company and French insurance company AXA recently accepted their responsibility and launched payment of compensation to Armenian Genocide victims' heirs for around $8 million and $17 million, respectively.

Here is an extract from IRNA's breaking news (Berlin, 7 May 2007, 23:27 BST):

A group of US-Armenian lawyers are scheduled to meet with German officials on Thursday in Berlin where they are to hold talks with German officials on a lawsuit which charges two major German banks - Deutsche Bank and Dresdner Bank - of preventing the recovery of millions in money and assets deposited by Armenians prior to World War I and the Armenian Genocide, DPA reported Monday.

The US-Armenian legal team is due to discuss the high profile case with the director of the international law department of the German foreign ministry, Goetz Schmidt-Bremme.
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 lawyers are also hoping to meet with representatives of Deutsche Bank and Dresdner Bank.
Both Germans banks have yet to agree to attend Thursday talks between the legal team and the German foreign ministry.

According to a class action suit filed at a US court, it is estimated that the banks took more than $22.5 million in looted assets based on the value of US dollars in 1915.

Germany's parliament passed a resolution in 2005 urging Turkey to face up to its role in the Armenian massacre but fell short of labeling it a genocide. The motion also stressed that Germany was saddened by the role it played in the massacres of 1915 as then-imperial Germany was allied to the Ottoman Empire during the First World War.

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