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SACRAMENTO, Jan. 28 (UPI) -- The prolonged litigation between New York Life Insurance and descendants of the victims of the 1915 Armenian Genocide has been settled in California.
The $20-million settlement was announced by California Insurance Commissioner John Garamendi, according to the Insurance Journal.
He said during the late 1800s and early 1900s New York Life sold thousands of life insurance policies to ethnic Armenians in the Turkish Ottoman Empire.
"Many of those who bought the policies were killed during a deliberate, systematic and government-controlled genocide that began in April 1915," the report quoted Garamendi as saying.
"Many of the survivors of these policyholders live in California and I am gratified that due to the parties' hard work in this matter, justice will finally be served."
He said New York Life was generous in its willingness to compromise to come to a complex, detailed agreement.
A three-member Settlement Fund Board will be appointed to evaluate each claim.
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