Jul 14, 2010
3rd Circuit Tosses $295 Million Antitrust Deal in De Beers Case
The 3rd Circuit has set aside a $295 million settlement of a class action antitrust suit alleging a price-fixing conspiracy in the international market for diamonds allegedly orchestrated by the De Beers group of companies headquartered in South Africa. The court ruled the settlement must be vacated because the lower court improperly certified a nationwide class of indirect purchasers despite recognizing that would bar some of those plaintiffs from pursuing such indirect claims under their own states’ laws.