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NEW YORK--A proposed settlement has been reached in a class action lawsuit over Holocaust insurance claims involving Assicurazioni Generali S.p.A. in the U.S. District Court for the Southern District of New York.
According to the terms announced Monday, individuals who were either the insured or the beneficiary of a Generali policy written between 1920 and 1945 have until March 31, 2007, to file claims with the insurer, said a statement from the Philadelphia-based law firm of Kohn, Swift & Graf P.C., which brought the case.
"One important limitation is that if Generali has already compensated an individual for their policy, they are not eligible for further compensation in connection with this settlement," the law firm said in the statement.
Generali is one of six insurers that participated in the International Commission on Holocaust Era Insurance Claims, which is no longer accepting new claims. Thus far, ICHEIC has made 19,471 offers to claimants totaling $261.27 million, and has made 26,932 humanitarian awards totaling $26.93 million, according to ICHEIC's latest figures.
Under the proposed agreement, claim forms will be processed and funded using the claim validation procedures established by ICHEIC, the firm said.
A hearing to consider final approval of the settlement is scheduled for Jan. 31, 2007.Additional details are available on the Web at www.nazierainsurancesettlement.com or call 866-217-4455.
A Generali representative could not be reached for comment.