AXA pays out to the descendants of victims of the Armenian Genocide

PARIS, Nov. 19, 2007 (Thomson Financial delivered by Newstex) -- The French insurance company Axa (NYSE:AXA) paid out the sum of 1 mln usd (680,000 eur) Monday, as the first instalment of a 17.5 mln usd settlement to compensate life-policy holders killed in the Armenian genocide. The settlement was reached in 2005 following a class-action suit brought in the United States by descendants of victims who held policies with insurance companies now incorporated into Axa. The money was handed over to three French-Armenian charities, who will receive a further two million dollars in the next two months. The rest of the money is to go to individuals, who have until January 7 to register on the Internet. So far 5,000 people -- mainly in the USA, Armenia and France -- have laid a claim. The American insurance company New York Life made a similar settlement for 20 million dollars in 2000, and lawyers have actions pending against Deutsche Bank (NYSE:DB) and Dresdner Bank of Germany.