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June 12, 2008 at 02:07 PM
A federal appeals court has approved a settlement involving claims brought on behalf of the beneficiaries and heirs of Holocaust victims who once owned insurance policies written by Assicurazioni Generali S.p.A.
The 2nd U.S. Circuit Court of Appeals has endorsed a settlement approved by a U.S. District Court judge in New York in January.
Generali, Trieste, has agreed through the settlement, in Rubin vs. Assicurazioni Generali S.P.A., to pay a total of about $50 million to members of the class, to supplement an existing Holocaust-era policy settlement fund that was administered by the International Commission on Holocaust Era Insurance Claims, Washington.
Generali previously had paid $100 million to the fund. Most of the money went to the heirs and other survivors of Jewish victims of the Holocaust.
