De Beers $295 Million Class Action Settlement Of Diamond Antitrust Conspiracy Class Action Lawsuit Vacated By U.S. Court of Appeals For The Third Circuit.
A class action settlement in a class action lawsuit against 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. (collectively “De Beers” or “Defendants”) in the U.S. District Court for the District of New Jersey (styled Shawn Sullivan, Arrigotti Fine Jewelry, James Walnum v. De Beers S.A., et al., Case No. 04-cv-2819) alleging that De Beers fixed prices in the market for rough gem-quality diamonds by, among other things, executing output-purchase agreements with competitors, establishing a market-wide cartel to set production limits, and restricting wholesalers from reselling diamonds outside of certain geographic territories, in violation of §§ 1 and 2 of the Sherman Act, 15 U.S.C. §§ 1-2, and under the antitrust, consumer protection, and unjust enrichment laws of all fifty states and the District of Columbia, has been vacated by the U.S. Court of Appeals for the Third Circuit, according to class action lawsuit settlement news reports.
The Third Circuit Court of Appeals reportedly vacated the De Beers
class action settlement because it held that the lower court improperly certified a nationwide class of indirect purchasers despite recognizing that some of those plaintiffs would be barred from pursuing such indirect claims under the laws of their own states.
For more information on the De Beers diamond antitrust class action lawsuit settlement appeal (Appeal Nos. 08-2784/2785/2798/2799/2818/2819/2831/2881), read the Third Circuit’s De Beers diamond decision.
UPDATE: According to the De Beers Diamond class action settlement website “The Court heard the appeal again on February 23, 2011. On December 20, 2011, it held that the settlement complied with the law and should be approved.”
If You Have Thoughts On The De Beers Diamond Antitrust Conspiracy Class Action Lawsuit, Share Your Class Action Comments Below.
Totally bogus and lack of justice for private diamond purchasers as myself.This is just another classic example as how big business screws over the middle class with bs tactics and ripoff schemes…well done and lets give a hand to the US court systems for wrangling this case out with no conclusion or results for years…bravo…
This is a great example of why the public is fed up the legal system. Enough is enough. The Lawyers get richer filing motions and delaying the entire process, all in the name af justice. The Judges fill up the court dockets listening to all the arguements knowing all the while this should have been over years ago. DeBeers pays the attorneys to keep the checks from not going out to those who deserve them. I say get a real Judge and get this settled. Pay those injured what they are do and go on to the next case.
Surprise, Surprise!! Does anyone really think or feel there will be justice? I say justice is ” JUST – ICE”. Proove me wrong!