New York Life Insurance Company reached an agreement with plaintiff’s attorneys under which the company will pay all valid claims relating to policies purchased in the Ottoman Empire before 1915. Pending final court approval, New York Life will pay ten times the face value of an individual policy. It is estimated that the settlement could benefit approximately 10,000 heirs, living in the U.S. and abroad, whose family members purchased one of the policies. The company also agreed to contribute a minimum of $3 million to Armenian civic organizations.
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