De Beers Antitrust Class Action
Have you bought anyone a Diamond in the past 14 years? If the answer is yes you might have some hard cash coming your way.
The worlds largest diamond producers, South Africa’s De Beers group, will pay $300 million to settle a price fixing lawsuit. This means you may receive a cash refund..
So who is eligible? Well virtually anyone who bought a diamond or a diamond ring or even some diamond jewelry.
Who’s eligible? Anyone who bought an individual diamond, a diamond ring, or diamond jewelry valued at more than $95 between 1994 and 2006. How much you get back depends on how many people apply. In addition you must have your original receipt to qualify.
This as per co-counsel, Lieff Cabraser Heimann & Bernstein, LLP, serving as plaintiffs’ class counsel in a suit by diamond consumers against South African company De Beers, the world’s largest diamond supplier.
Here are the hot details.
Allegations Plaintiffs alleged that De Beers, a privately held group of foreign-based companies, had monopolized the international diamond business through its control of mines and a web of agreements with diamond suppliers in other countries. De Beers denied the allegation and maintained that it is not subject to the jurisdiction of United States courts. Captioned Sullivan et al. v. DB Investments, Inc. et al., the federal court class action names DB Investments, Inc., De Beers S.A., De Beers Consolidated Mines, Ltd., De Beers A.G., Diamond Trading Company, CSO Valuations A.G., Central Selling Organization, and De Beers Centenary A.G. as defendants.
Settlement Given Preliminary Approval
On November 29, 2005, U.S. District Judge Stanley R. Chesler gave preliminary approval to a settlement of the class action. Under the terms of the agreement, De Beers will pay $250 million to U.S. jewelry makers, retailers, and consumers who purchased diamonds beginning in 1994. Equally significant, De Beers agreed to an injunction requiring it to abide by the United States federal and state antitrust laws, and to submit to the jurisdiction of United States courts for enforcement of the injunction. Following preliminary approval of the settlement, Judge Chesler appointed a special master to consider the allocation and distribution of the settlement money among jewelry makers, retailers, and consumers.
Claims May Now Be Submitted Under The Settlement
Consumers who purchased diamonds between January 1, 1994 through March 31, 2006 may be eligible for a payment under a proposed settlement in a class action lawsuit against the De Beers group of companies. The settlement provides over $130 million to the consumer class and prevents De Beers from continuing its illegal business practices. Claim forms must be submitted by May 19, 2008. To learn more about the settlement and to file a claim on-line, visit www.diamondsclassaction.com.