COMPANIES
De Beers to settle US lawsuits
Posted Thu, 01 Dec 2005
Agreement has been reached, and a preliminary approval order
issued, to settle the majority of price fixing civil class action suits filed
against De Beers in the United States, De Beers said in a statement
released in Johannesburg on Wednesday.
Said De Beers managing director Gary Ralfe: "We believe 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
US and Europe to restructure and modernise both our operations and
business model, and is in the best interests of De Beers' partners
and stakeholders in southern Africa and elsewhere in the world.
"With this settlement behind us, De Beers can now focus greater
attention and resources on being a leader in all of our markets and
playing a leading role to address humanitarian issues such as the
fight against HIV/Aids. We will continue to work on these issues in
consultation with the
international community."
The settlement was subject to final approval by Stanley R
Chesler, District Court Judge for the United States District Court
for the District of New Jersey.
De Beers hopes that the settlement will be approved during 2006.
Sapa
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