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De Beers Diamond Class Action Lawsuit Settlement Approved
By Scott Hardy
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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.Â
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 AllÂ
|
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  |
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Updated December 22nd, 2011
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All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
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64 thoughts onDe Beers Diamond Class Action Lawsuit Settlement Approved
Guess we can be pretty sure not to hear anything until after May 3….and probably much later
In a legal forum I posted the question asking if more appeals/petitions are expected to be filed; here was the legal response:
A case captioned Quinn v. Sullivan has found its way to the Supreme Court’s docket sheet. At this point, no cert. petition has been filed, but Justice Alito has granted an application to extend the filing deadline until May 3, 2012. The docket number is #11A863.
heard some people got checks but I have not heard any thing how do I find out were my check is ,
When can I expect a check I have been waiting patiently but now there is a settlement Lets get something soon!!!!!
Beth,
What did you do to change your address with the Administrator? I sent a letter informing them of my address change, but I never heard anything back confirming they got (and acknowledged) the change. I’m worried I’d never get that letter because of our move.
The Claims Administrator sent me a letter the first week of March 2012 asking me to fill out another claim form and to include the appraisals and/or receipts by March 29, 2012. They said that if I didn’t send a corrected form they may not pay me. Now, I sent in my claim and all appraisals and receipts 4 YEARS AGO without a word from the Administrator until now and they claim that if I don’t jump through their hoops within 20 something days, they just might not pay me! I submitted $129,0000.00 worth of claims and it’s been 4 years. I’m having problems finding all the paperwork since moving from the house where I originally made the claim. OMG, this is ridiculous!
I too have been waiting for years and periodically do a Google search to see what is happening. Kay, it sounds like they are at least looking at our claims.
I received a letter from the claims administrator last week notifying me that I had (accidentally) submitted two claim forms. There was a toll-fee number to call for assistance and instructions to complete and mail the new form by March 29, 2012. Hopefully, that means that checks will go out soon.
It is no surprise that the last few years have not been kind to the diamond industry. Several sight holder’s have been adversely affected as have the profits at the retail level. It has been a long-standing practice in the diamond industry to stockpile rough or loose polished stones when consumer demand decreases. So, my question is this: what exactly did De Beers do differently in this particular scenario as opposed to other well known diamond manufacturers during this most challenging time for all luxury commodities?
We’ve all been waiting far too long., But if someone was sueing YOU for 20 million bucks, I think you would want to stretch it out as long as you could. I am not holding my breath, but it would be a nice trip to Hawaii…. or around the block to buy a donut….probably the latter!
Good thoughts to the lawyers for (indeed) fighting for us) and to all of us for being so patient.