Appeals Court Upholds De Beers Settlement Case

(IDEX Online News) – The U.S. Court of Appeals for the Third Circuit issued an opinion Tuesday upholding the settlement in the class action litigation against De Beers for allegedly conspiring to monopolize the sale of rough diamonds.

The appellate court affirmed an order by U.S. District Judge Stanley R. Chesler of the District of New Jersey that approved a settlement under which De Beers agreed to pay $295 million to U.S. jewelry makers, retailers and consumers who purchased diamonds and diamond jewelry beginning in 1994.

In July 2010 a U.S. federal appeals court rejected the De Beers antitrust deal over a technical issue. The Tuesday ruling overcomes that obstacle and seems to clear the way for the settlement to proceed.