NU Online News Service, Feb. 24, 2005, 3:59 p.m. EST
A large insurer is starting to implement a settlement with a class of plaintiffs that includes descendants of the victims of the 1915 Armenian genocide.[@@]
The insurer, New York Life Insurance Company, will send a representative to Pasadena, Calif., Feb. 28 to donate $330,000 to an Armenian relief group, an Armenian educational group and 2 Armenian religious groups.
New York Life agreed to the settlement to resolve a suit filed in 1999 in a U.S. District Court in Los Angeles on behalf of Martin Marootian and other descendants of victims of the Armenian genocide.
New York Life acknowledged during litigation that about 2,400 policies sold to Armenians before the genocide remained unpaid.