Syracuse (WSYR-TV) – We first told you about a settlement in a
class-action lawsuit against De Beers Diamond Company nearly three years ago and you might be wondering what the status is on the nearly 10-year-old case.
Almost anyone who owned any diamonds could file a claim in order to get cash back because – it was alleged – the company was price fixing.
The deadline to file came and went and the settlement was approved, but appeals were filed, slowing down the process.
The latest appeal was heard by a federal court last February. The latest update – issued this month – gives no indication when that court may rule.
Starting 10 years ago, plaintiffs in several states filed lawsuits against De Beers alleging an unlawful monopoly, price fixing, and false advertising.
De Beers denied any wrongdoing, but a settlement agreement provides that $300 million be distributed to direct and indirect purchasers.
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