two hundred and seventy two million. That is the amount of the settlement that Debeers has agreed to pay in a class action settlement. I have no diamonds so I have no claim, if you have some I would suggest you file your claim and get your money, then I suggest not reinvesting in diamonds.

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.

I base my hatred of Debeers on the movie blood diamond and other things I have heard on the news and the internet.

Nothing says I love you like a not so precious rock dug out of the ground by slave labor and then overvaluated to rip off consumers.

What are the lawsuits about?

Several class-action lawsuits were filed asking for money damages on behalf of diamond purchasers. The lawsuits also asked that the defendants stop certain business conduct. The lawsuits claim that the largest suppliers of diamonds in the world-De Beers S.A. and its associated companies-violated antitrust, unfair competition, and consumer-protection laws by monopolizing diamond supplies, conspiring to fix, raise, and control diamond prices, and disseminating false and misleading advertising. De Beers and the other companies deny they violated the law or did anything wrong. They also say that because they do not do business in the United States, the courts in the United States do not have authority over them.

The Court in charge of most of the lawsuits is the U.S. District Court for the District of New Jersey. The names of the main lawsuits are: Sullivan, et al. v. DB Investments, Inc., et al., Civil Action No. 04-CV-2819 (SRC) (D.N.J.); ANCO Industrial Diamond Corp., et al. v. DB Investments, Inc., et al., Civil Action No. 01-CV-4463 (SRC)(D.N.J.); and British Diamond Import Company v. Central Holdings Ltd., et al. Civil Action No. 04-CV-4098 (SRC) (D.N.J.).

The people and companies that sued are called the "Plaintiffs," and the companies they sued are called the "Defendants." The Defendants in the lawsuits are: De Beers S.A., De Beers Consolidated Mines, Ltd., De Beers Centenary A.G., De Beers A.G., Diamond Trading Company, Ltd., DB Investments, Inc., CSO Valuations A.G., Central Selling Organization, and Central Holdings Ltd

My opinion, Debeers ought to pay some of the "slaves" they have working in the horrid conditions in the mines.

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