Yerevan, October 4, 2005, Yerkir – New York Life Insurance and the French Axa Insurance Company signed on October 3 an agreement on the repayment of compensations to the heirs of the Armenian Genocide victims who had life insurance policies with the New York Life before the 1915 Armenian Genocide, Noyan Tapan reported, citing Radio Liberty and ITAR TASS.
Similar agreements will be signed with other European insurance companies.
In July 2004, following a class action lawsuit, a settlement was reached with the New York Life Insurance Company, which agreed to pay $20 million in compensation to the heirs of the policyholders. Out of that sum, $11 million will be paid to the heirs of 2,300 policyholders, the remainder will go to Armenian charities and covering of the court and attorney fees.
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