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Latest update in the never-ending DeBeers lawsuit saga

Discussion in 'Hangout' started by Madam Bijoux, Dec 30, 2011.

  1. Madam Bijoux
    Ideal_Rock

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    by Madam Bijoux » Dec 30, 2011
    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granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect.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.
     
  2. Imdanny
    Ideal_Rock

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    by Imdanny » Dec 30, 2011
    Interesting. I'm sorry but what did DeBeers do?
     
  3. Madam Bijoux
    Ideal_Rock

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    by Madam Bijoux » Dec 30, 2011
    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.
     
  4. JewelFreak
    Ideal_Rock

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    by JewelFreak » Dec 30, 2011
    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.
     
  5. Madam Bijoux
    Ideal_Rock

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  6. Imdanny
    Ideal_Rock

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    by Imdanny » Dec 30, 2011
    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! :cheeky:
     
  7. ame
    Super_Ideal_Rock

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    by ame » Dec 30, 2011
    :lol:

    I think its more likely to be 1.5 cents.
     
  8. AprilBaby
    Ideal_Rock

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    by AprilBaby » Dec 30, 2011
    Hey! I forgot! I get .15 too!
     

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