Speier Bill for Families of Armenian Genocide Victims Signed by Gov.
California Political Desk
September 27, 2006
SACRAMENTO State Senator Jackie Speier announced yesterday that Gov. Schwarzenegger has signed her legislation, SB 1524, which removes the statute of limitations for 10 years so that the families of Armenian Genocide victims can file a claim again financial institutions to recoup the loss of personal financial assets.
I authored this legislation on behalf of the 900,000 Armenian-Americans living in our state. As result of the Armenian Genocide, thousands of Armenian orphans and survivors were robbed of their country, their families, their ancestral homes, as well as personal property and other assets, including bank deposits, said Speier (D-Hillsborough). The time has come to return these deposits to their rightful owners.
SB 1524 allows any Californian who was a victim of the Armenian genocide, or who is an heir or beneficiary of a victim, to sue financial institutions to recover assets stolen or lost between 1890 and 1923. Under the new law Californians of Armenian descent will have through 2016 to file claims.
At the time of the Armenian Genocide, there were several international banking institutions which held the deposits of the Armenian subjects living in Ottoman Turkey. As a result of the brutal Genocide and deportations of 1915, few Armenians were left to withdraw and recover their assets on deposit from these banks. Because many depositor documents were lost or destroyed during the Genocide, no public disclosure has been made by these banks of the names of their depositors. Many of the international banking institutions that operated in Ottoman Turkey during the early 1900s currently conduct business here in California.
I authored this legislation on behalf of the 900,000 Armenian-Americans living in our state. As result of the Armenian Genocide, thousands of Armenian orphans and survivors were robbed of their country, their families, their ancestral homes, as well as personal property and other assets, including bank deposits, said Speier (D-Hillsborough). The time has come to return these deposits to their rightful owners.
SB 1524 allows any Californian who was a victim of the Armenian genocide, or who is an heir or beneficiary of a victim, to sue financial institutions to recover assets stolen or lost between 1890 and 1923. Under the new law Californians of Armenian descent will have through 2016 to file claims.
At the time of the Armenian Genocide, there were several international banking institutions which held the deposits of the Armenian subjects living in Ottoman Turkey. As a result of the brutal Genocide and deportations of 1915, few Armenians were left to withdraw and recover their assets on deposit from these banks. Because many depositor documents were lost or destroyed during the Genocide, no public disclosure has been made by these banks of the names of their depositors. Many of the international banking institutions that operated in Ottoman Turkey during the early 1900s currently conduct business here in California.