DIAMOND DEALING.

Waikato Times, Volume 107, Issue 17973, 19 March 1930, Page 7

DIAMOND DEALING.

MILLIONAIRES AT LAW. A SETTLEMENT REACHED. AFTER ELEVEN DAYS’ HEARING. United Press Assn.—Elec. Tel.—Copj-rlg-TU. LONDON, March 17. The diamond lawsuit has been settled after 11 days’ hearing. One of the plaintiffs, Victor Coen, underwent a nine days’ uncompleted cross-examination. It. was merely stated to-day that the plaintiffs had withdrawn the charges of fraud and conspiracy, but Coen later said the plaintiff company would receive £325,000 and costs amounting to £25,000. Coen, who is the managing director of the plaintiff company, answered 6398 questions while in the box. Two years were occupied in the preparation of the suit, the costs already totalling' £65,000.

A previous cablegram stated: “ Some of the wealthiest men in the world, including Messrs. Solomon and Jack Joel and Sir Ernest Oppenheimer, are defendants in an action brought by the United Diamond Fields of British Guiana, the directors of which allege that they were ruined in consequence of a fraudulent conspiracy to control the world’s diamond market, which the defendants deny. Sir Patrick Hastings, in opening the plaintiffs case, said the defendants formed a diamond syndicate of almost unbelievable wealth and power, which concluded agreements with the producers, including the plaintiff, to restrict the sale of diamonds to the syndicate. Otto Oppenheimer was appointed expert for the Guiana Company, and in that capacity it is alleged that he set out to ruin u>e company for the benefit of the syndicate.”