Diamonds: Lazare Kaplan’s Legal Woes, Rio Tinto’s Argyle Pinks

Case Not Quite Closed Lazare Kaplan International has settled its court case with its insurers, but its legal battles over an alleged $100 million in lost diamonds are far from over. In spring 2010, the New York City diamond manufacturer sued Swiss Re International, the Marine Insurance Company, and several other insurers, charging they failed to reimburse LKI for diamond losses incurred from 2007 to 2009. In a settlement announced July 6, LKI said it would be paid $32 million, on top of a previously announced payout of $28 million. That is substantially less than the $640 million the company originally asked for, not to mention the $140 million it claimed in losses. However, LKI retains the right to pursue recovery of assets against third parties. Due to legal issues and ensuing “material uncertainties,” the publicly traded company has been unable to file financial statements

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