Latest update in the never-ending DeBeers lawsuit saga

[Madam Bijoux]

The Fairness Hearing was held on April 14, 2008, and the District Court approved the Settlement on May 27, 2008. Appeals were subsequently filed contesting final approval of the Settlement. A hearing on these appeals was held on January 28, 2010, at the Third Circuit Court of Appeals in Philadelphia. On July 13, 2010, the appeals court sent the settlement back to a lower court for further consideration. On August 27, 2010, the Court issued an order granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect. The Court heard the appeal again on February 23, 2011. On December 20, 2011, it held that the settlement complied with the law and should be approved.

I hope they send me my 15 cents while I'm still alive.

 

[Imdanny]

Interesting. I'm sorry but what did DeBeers do?

 

[Madam Bijoux]

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. De Beers and the other companies deny they violated the law or did anything wrong. They also say that because they do not do business in the United States, the courts in the United States do not have authority over them.

 

[JewelFreak]

How long has this suit been going on? DeBeers has manipulalted markets since they first started mining, as far as I know. Why a suit now, after all these many many years? It sounds like their point is right -- U.S. courts have no jurisdiction over them.

 

[Madam Bijoux]

The suit has been going on for at least 6 years. There is a lot of information here:
https://diamondsclassaction.com/FAQ.htm#1

 

[Imdanny]

They're famous in the popular culture (yes, that's a pretentious term I learned in college, lol) at least in the US of doing exactly these things. Like I said, interesting. Please keep us updated and, um, I hope you get your 15 cents!

 

[ame]

I hope they send me my 15 cents while I'm still alive.

I think its more likely to be 1.5 cents.

 

[AprilBaby]

Hey! I forgot! I get .15 too!