|
|
Article: De Beers settling class actions in United States.(FACETS)
- Article from:
- Israel Diamonds
- Article date:
- February 1, 2006
CopyrightCOPYRIGHT 2006 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
De Beers announced that it has agreed to settle the majority of civil class action suits filed against it in the United States, and a preliminary approval order to that effect has been issued by U.S. District Court Judge Stanley R. Chesler in New Jersey.
The settlement does not involve any admission of liability on the part of De Beers and may bring an end to a number of outstanding disputes to which Chesler must give his final approval, which the company hopes will come in 2006. Press reports said the company had been sued for a total of $250 million in class actions brought on behalf of indirect diamond buyers.
"We believe that settling these suits is ...