Market NewsCommentDe Beers said to offer refunds - media

De Beers said to offer refunds - media

Several class action lawsuits have been filed against the largest suppliers of diamonds in the world, De Beers S.A. and its associated companies, asking for money damages on behalf of diamond purchasers, according to Resource Investor. The lawsuits claim that De Beers and subsidiaries violated antitrust, unfair competition, and consumer-protection laws by monopolizing diamond supplies, conspiring to fix, raise, and control diamond prices and disseminating false and misleading advertising, the report said. A proposed settlement is currently pending in the US District Court for the District of New Jersey. According to the report, the settlement provides that $22.5 million will be paid to Direct Purchaser Class Members who submit valid claims, and $272.5 million will be paid to Indirect Purchaser Class Members who submit valid claims. The Court will hold a hearing on the Settlement, called the “Fairness Hearing,” at 10:00 a.m. on April 14, 2008. If you purchased a diamond in the time period from January 1, 1994 and March 31, 2006, you may be entitled some money, said the report.

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