By JOSEPH GOLDSTEIN – Staff Reporter of the Sun
October 6, 2006

An Italian insurance giant will pay tens of millions of additional dollars to the heirs of Holocaust victims who once held policies with the company, according to settlement papers filed in three class actions against Assicurazioni Generali in U.S. District Court in Manhattan.

The settlement has come under criticism from some who say Generali has been able to avoid paying all but a fraction of what it owes.

The settlement calls on the company to pay the claims currently pending before a London-based commission set up to deal with Holocaust-era insurance claims. The $100 million Generali gave to the commission, called ICHEIC, in 2000 has already been exhausted and additional claims remain, according to the settlement agreement.

MORE.