De Beers agrees to pay $295 million settlement in class action lawsuit.

Newark, NJ: (Jun-2-08) The United States Federal District Court in New Jersey approved a $295 million class action settlement against diamond giant De Beers. Following a Fairness Hearing on the settlement in April, presiding Judge Chesler formally brought proceedings to a close. As part of the settlement agreement, De Beers will set up a $295 million fund from which individual consumers and diamond trade members could claim. The settlement covers a series of class action lawsuits, which allege that De Beers charged anti-competitive prices for the rough diamonds it sold, monopolized the rough diamond market, and disseminated false and misleading advertising.

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