The lawsuits claim that the largest suppliers of diamonds in the world—De Beers S.A. and its associated companies—violated antitrust, unfair competition, and consumer-protection laws by monopolizing diamond supplies, conspiring to fix, raise, and control diamond prices, and disseminating false and misleading advertising...And the company will pay millions of dollars -
...the Settlement provides that the Defendants will pay a total of $295 million for the benefit of Class Members plus up to $7 million for the costs of providing notice of the Settlement terms to the Indirect Purchaser Class.. The Settlement provides that $22.5 million will be paid to Direct Purchaser Class Members who submit valid claims, and $272.5 million will be paid to Indirect Purchaser Class Members who submit valid claims.The payments go to resellers and customers, the latter defined as -
All persons located in the United States who purchased any diamond or diamond jewelry or other products containing gem diamonds for personal use and not for resale between January 1, 1994 and March 31, 2006. For example, Consumers include people who purchased diamond jewelry to wear or to give as a gift.However, while the "sightholders" (companies reselling the diamonds) get an estimated US $173,000 each, consumers fare less well -
"...consumers are estimated to receive US $1.15 each... But here is the real insult: The court agreed that any payout under $10.00 does not have to be paid..."The funds designated for consumers ($135 million) but not paid out reverts to the general settlement fund, 25% of which goes to the lawyers in legal fees.
Class-action lawsuits really suck (unless you are an attorney). I wasn't involved in this one, but I've been a "participant" in a couple during my life, and they are never worth the time and effort.
Via the newsletter of the Madison Gem and Mineral Club.
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