Saturday, January 26, 2008

DeBeers Settlement

I know I have like 5 readers total, but I hope that at least one of you will tell someone about this so they can get some money back!

Summary of the Settlement
De Beers is the largest supplier of rough diamonds in the world. Beginning in 2001, Plaintiffs in several states filed lawsuits against De Beers in state and federal courts alleging that De Beers unlawfully monopolized the supply of diamonds, conspired to fix, raise, and control diamond prices, and issued false and misleading advertising. De Beers denies it violated the law or did anything wrong.

The Settlement Agreement provides that $22.5 Million be distributed to the Direct Purchaser Class, and that $272.5 Million will be distributed to the Indirect Purchaser Class. De Beers also agrees to refrain from engaging in certain conduct that violates federal and state antitrust laws and submit to the jurisdiction of the Court to enforce the Settlement.

Who stands to benefit?

Consumers: All persons located in the United States who purchased any diamond or diamond jewelry or other products containing gem diamonds for personal use and not for resale between January 1, 1994 and March 31, 2006. For example, Consumers include people who purchased diamond jewelry to wear or to give as a gift.

Get thee over to this website and get some money back from those demons!


Anonymous said...

Ok, since you asked, I will indulge you. I submitted my request for a reimbursement for my diamond engagement ring and, supposedly, am getting around $600 back. That would be cool, but I'll believe it when I cash the check. Found your site through my friend Heather (onelovephoto). Maybe I'll bookmark yours...

Jenna said...

camandjanice-thanks for coming over and checking things out! Please let me know if you end up getting anything back from the settlement, when I hear about these lawsuits I can't help but wonder if something is going to come out of it.

Who links to me?