“Though the District Court brought skill, experience, and much labor to its handling of this matter, we are compelled to conclude, for the reasons stated, that it abused its discretion in certifying the settlement classes under Rules 23(b)(2) and 23(b)(3). Accordingly, we will vacate its judgment and remand,” says an opinion from a United States Federal appeals court, referring to the $295 million settlement of the De Beers class action antitrust suit.

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, the largest supplier of rough diamonds in the world, 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.