Diamond Buyers Get A $295M Cut Of De Beers

Law360, New York (April 17, 2008, 12:00 AM EDT) -- Long regarded as one of the world's most enduring cartels, De Beers is ready to fork over $295 million to put to rest a number of class actions that accuse the world's largest rough-diamond supplier of illegally monopolizing the market for more than a decade.

On Monday, U.S. District Judge Stanley Chesler indicated at a fairness hearing in the District of New Jersey that he would approve the multimillion-dollar settlement tentatively reached between the diamond giant and a group of indirect and direct purchasers of the...
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