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Court Gives Final Approval In De Beers

Release time: 2008-6-10 0:22:12 Visit frequency: 253

The United States Federal District Court in New Jersey gave its written approval for the U.S. Diamond Class Action settlement with De Beers, the diamond company reported.

The order follows the Fairness Hearing on the settlement in April, in which presiding Judge Chesler formally brought proceedings to a close.

De Beers agreed to set up a $295 million fund from which individual consumers and diamond trade members could claim.

The settlement covers a series of class action lawsuits, which allege that De Beers charged anti-competitive prices for the rough diamonds it sold, monopolized the rough diamond market, and disseminated false and misleading advertising.

The deadline to submit a claim passed on May 19.

“De Beers is pleased that Judge Chesler has issued his written opinion, and entered an order, approving the Settlement in the Diamond Class Actions in the United States,” the company said in a statement. “We believe that settling these Class Actions has allowed us to put these matters behind us, and is in the best interests of our shareholders, our clients and, most importantly, consumers’ confidence in diamonds.”

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