De Beers Unit Dodges Antitrust Default Judgment In 2nd Circ.

Law360, New York (January 10, 2013, 6:56 PM EST) -- The Second Circuit refused Thursday to reinstate a default judgment against a De Beers Family of Cos. subsidiary that allegedly engaged in anti-competitive behavior, saying the court had the discretion to reverse a win for a defunct diamond seller.

The trial court handling an antitrust suit brought by bankrupt W.B. David & Co. had the authority to undo a default judgment even if De Beers willfully ignored the suit, the appeals panel said in a written order.

Angela Tese-Milner, a bankruptcy trustee for W.B. David, claims De Beers unit Diamond Trading Co. removed the company from a preferred diamond distribution program...

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