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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 18, 1999
LAZARE KAPLAN INTERNATIONAL INC.
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(Exact Name of registrant as specified in its charter)
Delaware 1-7848 13-2728690
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
529 Fifth Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 972-9700
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. OTHER EVENTS
As previously disclosed, in the Form 8-K, dated May 7, 1999, of
Lazare Kaplan International Inc. ("LKI"), LKI and certain of its directors,
officers and subsidiaries were involved in several legal proceedings with
International Diamond Traders CY B.V.B.A., Avi Neumark, Novel Diamonds Inc. and
Lexco Limited (collectively, the "Neumark Entities"). Pursuant to the terms of a
settlement agreement, dated October 18, 1999, the parties settled all of the
various disputes and the Company has agreed to pay the Neumark Entities the sum
of $3,275,000 over a period of 40 months. The total cost of the settlement
including related legal and other expense to be recorded in the second quarter
is $2,300,000 net of tax. While the Company was confident it eventually would
have been successful on the merits, the settlement was made in order to avoid
time-consuming and costly litigation which would have absorbed significant
amounts of management time and would have extended over a period of years.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
LAZARE KAPLAN INTERNATIONAL INC.
(Registrant)
Date: November 2, 1999 By: /s/ Sheldon L. Ginsberg
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Sheldon L. Ginsberg
Executive Vice President
and Chief Financial Officer
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