Armenian Charities Receive New York Life Settlemen’s

NEW YORK (AP)–Five Armenian charities received checks for $333,333 each Wednesday as part of an insurance settlement with descendants of Armenia’s massacred 90 years ago by the Turks.

The checks are part of a $20 million settlement with New York Life Insurance Co.–which issued 2,300 policies to Armenia’s in Turkey before 1915 that were never paid–according to plaintiffs’ attorney Brian Kabateck.

The agreement set aside at least $11 million for descendants–$3 million for charities–and $2 million for administrative costs. Four charities in Los Angeles will receive the rest of the $3 million.

Descendants of the policy holders have until March 16 to file claims.

The settlement–approved last year by a federal judge in Los Angeles–is believed to be the first involving the events of the era.


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