De Beers Settles Four Lawsuits
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De Beers, the world’s largest producer of diamonds, said Wednesday that it had agreed to pay $250 million to settle four U.S. class-action lawsuits that accused it of overcharging.
The settlement ends 11 years of litigation and “the majority of civil class actions filed against De Beers in the U.S.,” the company said. It declined to elaborate on outstanding lawsuits.
The diamond company identified the plaintiffs as Sullivan, Hopkins, Cornwell and Null, a “nationwide class of indirect [diamond] purchasers.”
De Beers’ litigation battles for years have prevented top company executives from visiting the U.S. for fear of arrest by law enforcement.
The settlement does not involve any admission of liability, the company said. It is subject to final approval from a U.S. District Court judge.
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