The Los Angeles Times
April  12, 2001

By Henry Weinstein

Armenian Genocide Insurance Pact Near: Tentative settlement of class-action lawsuit against New York Life announced

Plaintiff's attorney William Shernoff of Claremont, California and Brian Kabateck of Century City and New York Life spokesman William Werfelman predicted that U.S. District Court Judge Christine Snyder in Los Angles would approve the settlement reach by the parties within the next few months. In the settlement, New York Life agreed to pay $3 million to Armenian civic organizations in addition to 10 times the face value of the policy on an estimated 2,500 valid claims.

Shernoff who said that New York Life has been more forthcoming with information than European insurers in regards to several Holocaust-related lawsuits. Shernoff estimates the value of the policies multiplied by 10 to be near $10 million.