DIAMOND TRADE SUIT.

New Zealand Herald, Volume LXVII, Issue 20517, 19 March 1930, Page 13

DIAMOND TRADE SUIT.

PARTIES AGREE TO SETTLE. HEAVY COSTS INVOLVED. .1 LONDON. March 17. The action by the United Diamond Fields of British Guiana against a diamond syndicate, which included many very wealthy men, alleging a fraudulent conspiracy, has been settled. The hearing had lasted for 11 days. One witness Tot the plaintiff, Mr. Victor Coen, underwent cross-examination for nine days, and it was then not completed. It was merely stated to-day that the plaintiff withdrew the charges of fraud and conspiracy, but Mr. Coen said later that the plaintiff company, would receive £325,000 and costs, £25,000. Mr. Coen -is managing director of the plaintiff company. He answered 6398 questions while in the box. Two years were occupied in the preparation of the suit. The costs already total £65,000.

Some of the wealthiest ;men in the world, including Messrs. Solomon and Jack Joel and Sir Ernest Oppenheimer, were defendants in the action brought by the United Diamond Fields of British Guiana, the directors of which alleged that they were ruined in consequence of a fraudulent conspiracy to control the world's diamond market, which the defendants denied.

Sir Patrick Hastings, in opening the plaintiff's 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 was alleged that he set out to ruin the company for the benefit of the syndicate.