New York Life US insurance company has agreed to pay $20 million as compensation to victims of the Armenian Genocide in Ottoman Turkey in 1915. As reported by Mediamax agency, the decision on that was announced in San Francisco January 28. The company will satisfy 2400 suits and will create a philanthropic fund for the Armenian community. "The majority of the descendants of the owners of these insurance policies resides in California, and I am content that justice finally triumphed as an outcome of the hard work carried out by the parties," stated of California State Insurance Commissioner John Garamendi. It should be reminded that some half a million Armenians, who lived in Turkey in early last century and were massacred and persecuted by the Young Turk government in 1915-1923, had insured their lives in US and British insurance companies.