27 January 2009

De Beers Diamonds Class Action Lawsuit

If you bought any diamonds or jewelry with diamonds in it between 1994 and 2006, read this:

In 2001, lawsuits against De Beers were filed in state and federal courts claiming that De Beers unlawfully monopolized the supply of diamonds, conspired to fix, raise, and control diamond prices, and issued false and misleading advertising.

The Settlement Agreement provides that $22.5 million be distributed to the Direct Purchaser Class, and that $272.5 Million will be distributed to the Indirect Purchaser Class. It is not possible to tell how much, if any, each claimant will receive before the Claims Administrator finishes processing all claims.

Here is a link to the lawsuit's website: https://diamondsclassaction.com/

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