Sarah Mirando  |  August 21, 2012

Category: Legal News

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Update: De Beers Diamond Settlement Checks In the Mail for Dealers

By Kimberly Mirando

 

De Beers Diamond Settlement Update

UPDATE 6/7/13: De Beers Diamond Consumer Settlement Checks Go Out!

 

Good news for those waiting to get a check from the De Beers diamond class action lawsuit settlement: on August 10, 2012, a New Jersey federal court gave the green light to allow the first checks to be mailed to the Indirect Purchaser Reseller Subclass, which includes most jewelers and diamond dealers.

According to the De Beers settlement administrator, Rust Consulting, 7,862 claim forms were received and processed from the Indirect Purchaser Reseller Subclass. Of those, 1,672 were not eligible to participate in the class action settlement, leaving a total of 6,190 eligible claimants.


The Indirect Purchaser Reseller Subclass will be allocated over $110.8 million, including interest. This amount may be reduced pending any future administrative and escrow fees.

The court ruled that claimants whose total payment would be $25 or less will not receive a payment, Rust said. Around 135 claims fell into this category.

So how will you receive your money from the De Beers diamond class action lawsuit settlement? Payments will be divided into two distributions: claimants will receive approximately 85 percent of their payout during the initial distribution and 15 percent during the second distribution – unless the second amount falls below $25. In that case, claimants will receive their payments in full during the first distribution.

Some diamond dealers who bought directly from De Beers or its competitors are also included in the Direct Purchaser Class. No official word has been given on when payments in this Class will be distributed. However, we’ve heard rumors that consumer checks may be mailed by the end of the year. Once a date is confirmed, we’ll pass it on.

Keep checking Top Class Actions for the latest updates on the De Beers diamond class action lawsuit settlement.

 

 

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Updated June 7th, 2013

 

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71 thoughts onUpdate: De Beers Diamond Settlement Checks In the Mail for Dealers

  1. K. says:

    As of today, I’ve received nothing and as far as the case went, I do not believe that I will ever heard from these so-called administrator diamond class-action people, I contacted the administrator from time to time via e-mails and as you all know this has been so long and now seeing the some of the consumers received so less than the
    CONSUMER DIAMOND PRODUCT TABLE listed below:
    Item
    Mixed Stones Jewelry Less than $200 = 6% of the retail price
    Mixed Stones Jewelry $200 or more = 14.5% of the retail price
    Diamonds Only Jewelry Less than $200 = 10.5% of the retail price
    Diamonds Only Jewelry $200 – $999 = 27.5% of the retail price
    Diamonds Only Jewelry $1,000 – $5,499 = 32% of the retail price
    Diamonds Only Jewelry $5,500 – $9,999 = 38.5% of the retail price
    Diamonds Only Jewelry $10,000 or more = 45% of the retail price
    Loose Diamonds any and all = 59% of the retail price

    Oh yeah, the lawyers fees and so on and on fees….. WHAT IS LEFT FOR THE CONSUMERS?!
    Should have never believed and to me this was a SCAM!

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Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.