RealNews

New York Life Settles Suit Over Armenian Claims

The New York Life Insurance Company has agreed to pay $20 million to settle a lawsuit over unpaid policies by heirs of Armenians killed in the Turkish Ottoman empire, California’s Insurance Commissioner and lawyers said on Wednesday. Under the settlement, New York Life will provide $20 million to pay an estimated 2,400 unpaid claims and to establish a charitable fund serving the Armenian community. The agreement settles a class lawsuit filed in U.S. District Court in Los Angeles in 1999 that sought payment for insurance policies held by ethnic Armenians killed in Turkey in the early 20th century, said plaintiff’s lawyer Vartkes Yeghiayan. Full Story

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