It looks like the De Beers Diamond Class Action Lawsuit Settlement has finally been approved by the courts. The case was entitled SHAWN SULLIVAN vs. DB INVESTMENTS, INC., and was in the jurisdiction of the United States District Court, District of New Jersey. The lawsuit revolved around claims that De Beers artificially inflated the market price for the price of rough diamonds in order to increase their bottom line. The settlement agreement states that De Beers will have to pay $295 million to U.S. retailers, jewelry makers and consumer who had purchased diamonds since 1994. The settlement included $22.5 million for direct purchasers of De Beers diamonds and $272.5 million for indirect purchasers. In addition, De Beers would pay $73 million in attorney’s fees and costs. De Beers did not have a comment at the time of the ruling.
www.DiamondsClassAction.com
