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Judge approves De Beers class-action settlement

May 30, 2008

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Newark, N.J.—A U.S. Federal District Court judge presiding over the class-action suit filed against De Beers over its anti-competitive diamond prices has approved the settlement, the company announced.

The settlement funds, set at a total of $295 million, are to be divided among direct and indirect purchasers, with the majority of retail jewelers falling into the latter class. The size of each individual settlement is contingent on how many people file a claim. The deadline for filing was May 19.

"De Beers is pleased that Judge [Stanley] Chesler has issued his written opinion, and entered an order, approving the settlement in the diamond class actions in the United States," De Beers said in a statement issued on Friday. "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."

The case against De Beers began with a series of lawsuits alleging that the company charged anti-competitive prices for rough diamonds, monopolized the market and disseminated false and misleading advertising.

Editor's note: For earlier developments in this story, see May 19 De Beers claim deadline.
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