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De Beers Diamond Class Action Lawsuit Settlement Update
By Kimberly Mirando
We reported in December 2011 that a settlement in the De Beers diamond class action lawsuit had been approved, but it appears claimants may have to wait even longer as the challenges and appeals that have plagued the case for years continue to play out.
The De Beers diamond settlement is a huge class action lawsuit that will pay out hundreds of millions of dollars to consumers who purchased loose diamonds or jewelry and jewelry store owners who were affected by an alleged DeBeers monopoly, and who filed claims May 19, 2008. (You can read more about the De Beers diamond class action lawsuit settlement here.)
The Supreme Court’s denial of the first petition means that the previous decision by the Third Circuit Court of Appeals to deny the Class Members’ objections to the De Beers diamond settlement will be reinstated.
No information was given on when the Supreme Court will rule on the second appeal, but payment of claims will likely be delayed until the Court acts on the second, and final (as far as we know,) appeal.
Updated May 24th, 2012
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
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78 thoughts onDe Beers Diamond Class Action Lawsuit Settlement Update
I thought I missed out…what a rip…still waiting…for the cows too come home
Come on, really I am at the point of not believing consumers will ever get anything!!!
Spellingsorrections to my previous entrie.Why are they calling this website “A Settlement Update Newsletter. UPDATE?? Seriously??. It’s almost been a year since the last “Update” So who is the so-called “Adminstrator” of the consumer class? He’s so damn slow, it appears we will see the Second coming of Jesus Christ berfore we get monies. This is no way to conduct any business. Defrauding the sellers and retail customers both. And tail dragging the payouts.I wish I was still working retail. I would love working in fine jewelery, but I could never recommend a diamond. Seriously, a Diamond is no longer a girls best friend. If and whenever we do recieve a settlement, you can bet diamonds are not even at the bottom of my list of things to buy
Furthermore, if the settlement amt is not in the ballpark, I intend to start a grassroots protest movement in every mall in America, informing the public about DeBeers fraud and deception, and of course their taildragging of the payouts due us. Join me won’t you. I am looking into getting a website, and of course use my F/B acct so everyone can learn NOT to by diamonds. LOOKs like May 24th, 2014 New conference is in order
Oh yeah, you can bet the farm I will. I love confrontations with MoneyMongers like DeBeers.
Why are they calling this website “A Settlement Update Newsletter. UPDATE?? Seriously??. It’s almost been a year since the last “Update” So who is the so-called “Adminstrator” of the consumer class? He’s so damn slow, it appears we will see the Second coming of Jesus Christ berfore we get anything. This is no way to conduct any business. Defrauding the sellers and retail customers both. And tail dragging the payouts.I wish I was still working retail. I would fine jewelery, but never recommend a diamond. Seriously, a Diamond is no longer a girls best friend. If and whenever we do recieve a settlement, you can bet diamonds are not even at the bottom of my list.
Furthermore, if the settlement amt is not in the ballpark, I intend to start a grassroots protest movement in every mall in America, about DeBeers Fraud and deception, and of course their taildragging of the payouts due us. Join me won’t you. I am looking into getting a website, and of course use my F/B acct so everyone can learn NOT to by diamonds. LOOKs like May 24th, 2014 New conference is in order
Oh yeah, I will. I love confrontations with MoneyMongers like DeBeers.
I have since moved. How can I find out any information on the settlement ? Is there a 800#, I can called to get information.
I’ve been following this update for several months. I’ve created an Excel spreadsheet of all the “numbers” (i.e., dollars and claims) that I could find.
Total settlement: $295,000,000.00 when subdivided into certified classes:
– Direct Purchaser – $22,500,000.00
– Indirect Purchaser – $272,500,000.00 when subdivided between Resellers and Consumers:
— Resellers – $110,806,385.50
— Consumers – $161,693,614.50
# Bonafide Resellers Claims: 6,190
# Bonafide Consumers Claims: (unknown at this time)
Court authorizes payment Total
$33,648.17 – Rust for claims administration fees and expenses incurred and outstanding to date
$92.52 – payment of future claims administration expenses that Rust and class counsel reasonably expect will he incurred in connection with administerinu Reseller Subclass member claims.
$5,938.04 – payment of accounting/tax return preparation services related to the escrow account holding the Reseller
$403,994.93 – reimbursement of expenses incurred for Class Counsel
Funny how this all started out as a pleasant little surprise bonus for those of us who had purchased diamond jewelry and were probably satisfied at the price we paid at the time. Since then, it seems to have turned into a group of angry folks demanding what’s theirs, largely because there has been no firm timetable for the goodie distribution. Let’s just be patient and accept whatever might be left for us little people. After all, a year ago we never expected anything.
Eddie who said check where coming out Jan 1 not there web site?
2016 after they mke interest on OUR money and after there done taking their vacations the retailers bought for them
checks are coming jan 1,