De Beers, World’s No. 1 Diamond Supplier Agreed to Pay $250 Million in Price Fixing Settlement
De Beers, the world’s No. 1 diamond supplier settles a class action law suit for $250 million.
The suit, settlement of which affects anyone who bought diamonds in the past 11 years, was filed by U.S. consumers, retailers and jewelry makers alleging the company fixed prices from 1994 to 2005.
De Beers pleaded guilty in July 2004 to fixing prices of industrial diamonds and agreed to a $10 million fine, ending a 10-year fight with U.S. prosecutors. The company faces other class-action suits alleging price fixing in the sale of polished and rough stones bought directly from the company or from distributors.
The United States accounts for 55 percent of retail diamond sales and has been closed to De Beers since the first antitrust complaint was filed after World War II.
“The fact that they are paying in a class action suit is a surprise,” John Meyer, a mining analyst at Numis Securities in London, said Wednesday.Link
Filed under Class Action, General Law, Settlements
You may also like to read
- $85 Million Price Fixing Class Action Settlement by Lufthansa
- $23 Million Price-Fixing Class Action Settlement by Three Multinationals
- $160 Million DRAM Price Fixing Class Action Settlement by Samsung, Hynix, Infineon
- Top Articles of This Fortnight
- Price Fixing Class Action Lawsuit Settlement by Micron Technology Inc.
- $200 Million Class Action Lawsuit Against Seven International Airlines
- Micron Faces Two Class Action Lawsuits
- $30.5 Million Class Action Lawsuit Settlement Against Pharmaceutical Cartel Has Been Approved
- Class Action Lawsuit Against G. Willi-Food International Ltd. Claims $5.6 Million in Damages
- Hawaii Lawmakers Agreed to $10.7 Million Settlement
