Business & Finance: Rubles for Rudkowsky

In 1905 Equitable Life Assurance Society of Manhattan sold a 10,000-ruble, 20-year endowment policy to Nisson Goldberg Rudkowsky, wealthy St. Petersburg macaroni-maker. Two years ago White Russian Rudkowsky, now in Manhattan, brought suit to claim the paid-in value of his policy. For in 1920. after the Soviet seized the assets of insurance companies, Equitable took the attitude that it was no longer responsible for claims on Russian policies.

Last week New York Supreme Court Judge Alfred Frankenthaler ruled that Equitable must pay the policy's paid-in value of 6,500 rubles at the 1925 rate of exchange. This amounts to $3,300 against the pre-Revolution...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!