Follow us on Twitter and Facebook for the latest Class Action Settlement News!
De Beers Diamond Class Action Lawsuit Settlement Approved
By Scott Hardy
The De Beers diamond class action lawsuit has been hotly contested and delayed by challenges, appeals and extensive litigation but it has finally been approved. We received word about this, not from the attorneys working the case, but from Top Class Actions viewer Mary S. who noticed the change on the Settlement Administrator’s website. Remember, you the viewer, help make Top Class Actions what it is by your comments on our lawsuit pages, the claims you submit to settlement administrators, and the lawsuit information you submit to us.
The De Beers diamond settlement is one that we’ve reported on extensively and was one of the original class actions that I listed when I started TCA. A little background on the De Beers Diamond Settlement. This is a HUGE class action lawsuit which has hundreds of millions of dollars reserved for claimants and affects multiple class action lawsuits. The class action lawsuits alleged that De Beers and its affiliated companies violated antitrust laws by monopolizing the diamond supply and controlling the price of diamonds. This control allegedly allowed De Beers to control the price of diamond jewelry. If you control the supply, you control, or have a direct impact, on everything beyond it. Both consumers who purchased loose diamonds or jewelry and jewelry store owners are affected by the alleged DeBeers monopoly and are allowed to submit claims. If you purchased diamonds, diamond jewelry, or other products containing diamonds you were able to submit a claim.
Please note that I said you were able to submit a claim. The deadline to file claims ended on May 19, 2008. If you didn’t submit a claim by that date your claim may be denied. If you did submit a claim by that date we hope that you will be paid once payments start going out. We do no know when that will happen or how much they will be. At this time we have not received any word from the Settlement Administrator who is processing the claims.
How much are consumers expecting? This class covers most consumers who purchased diamonds or diamond jewelry. As you’ll see, the claim could be significant:
Consumer Product Diamond Table (Settlement Administrator’s website)
Item |
Purchase Price |
Recognized Claim Percentage |
|
Mixed Stones Jewelry
Mixed Stones Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Loose Diamonds
|
Less than $200
$200 or more
Less than $200
$200 – $999
$1,000 – $5,499
$5,500 – $9,999
$10,000 or more
Any and All
|
6% of the retail price
14.5% of the retail price
10.5% of the retail price
27.5% of the retail price
32% of the retail price
38.5% of the retail price
45% of the retail price
59% of the retail price |
Claims could be reduced depending on the number of claimants as well as how much each person claimed. I’m waiting to hear back from some of the attorneys who worked these cases. Once I have received statements from them this page will be updated. In the mean time, what do you think about this development? Are you waiting anxiously for your claim to be processed? Is this a little early Christmas cheer or right on time for Hanukkah?
The case is SHAWN SULLIVAN vs. DB INVESTMENTS, INC., Civil Action Index No. 04-02819 (SRC) in the United States District Court, District of New Jersey.
Updated December 22nd, 2011
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
Top Class Actions Legal Statement
©2008 – 2011 Top Class Actions® LLC
Various Trademarks held by their respective owners.
64 thoughts onDe Beers Diamond Class Action Lawsuit Settlement Approved
I filed a claim back in 2008 and never received a check, what do I do?
Never got notification that they needed me to resubmit claim and now I called to see why I haven’t gotten check and they said I needed to combine my two claims and since I didn’t they denied it. Thanks for letting me know. I never got a letter or else I would Have done that in a second. They could have easily added them together if they knew how to do elementary math! Anyway to contest it since I just found out they denied it?
I can’t believe how little I got after all this work and all this time…what a waste of time and effort
Had a claim for 46k – got a check for $280 ! ! !
What a joke – hope the atty’s choke on their 72 million.