De Beers Settlement Will Take Longer to Finalize: DMIA

The De Beers $295 million antitrust settlement will be
distributed by the summer of 2011 “at the earliest,” according to a release
distributed by the Diamond Manufacturers and Importers Association.

A lot depends on the decision of an appeals court, which
will re-hear the case Feb. 23 in Philadelphia, according to Joseph
J. Tabacco Jr., the plaintiff attorney quoted in the statement. After that, it
will take a few months for the court to issue a final opinion.

Tabacco praised the DMIA for submitting a brief that
prompted the court to rehear the case.

“Class
counsel and the plaintiffs in the case are very grateful for the thoughtful and
well written briefs submitted to the 3rd Circuit by the DMIA in support of the
settlement,” he said.

DMIA president Ronald J. Friedman added, “I am pleased that
the case is making progress through the judicial system and I look forward to
its positive conclusion on behalf of our membership.”