Diamond Class Action Suits Involved Modernized Approach to Solve Diamond Issues
2005: Diamond Class Action Suits and De Beers’ Responsible Role
De Beers recently settled the majority of consumer civil class action suits filed against it, to the tune of $250 million.
De Beers still has many suits to settle, however — including the one from ex-sightholder W.B. David. In a recent notice at the Diamond Dealers Club, David said he was trying to pay outstanding expenses and hoped to be able to when he settles his lawsuit. There is also a lawsuit from the head of the bourse in Miami.
De Beers managing director Gary Ralfe said that "settling these suits is the most sensible and responsible course of action for the company to take. It is consistent with the other steps we have taken in both the U.S. and Europe to restructure and modernize both our operations and business models, and is in the best interest of De Beers’ partners and stakeholders."
The settlement still has to be approved by the presiding judge. De Beers hopes that approval will occur during 2006.