Court Approves De Beers Diamond Class Actions Settlement

The United States Federal District Court in New Jersey has approved the U.S. Diamond Class Actions settlement with De Beers. The diamond giant offered in 2005 to settle the majority of civil class action suits brought against it in the U.S., putting up a $250 million fund, later increased to $290 million.

“We believe that settling these Class Actions has allowed us to put these matters behind us, and is in the best interests of our shareholders, our clients and, most importantly, consumers’ confidence in diamonds,” De Beers said in a public statement Friday.

Judge Stanley R. Chesler indicated in April that the court will approve the settlement

The settlement does not involve any admission of liability on the part of De Beers and will resolve a number of outstanding disputes.