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De Beers Diamond Consumer Settlement Checks Go Out!
By Mike Holter
Great news for consumers in the De Beers diamond class action lawsuit settlement – payments have gone out!
Here’s what the Settlement Administrator had to say in an update posted today:
Notifications and payments were sent to Consumer Claimants in June 2013. The Consumer Subclass Settlement Fund was divided pro rata among the Consumer Subclass members whose claims were approved for payment. Payments were calculated based on several factors, including how much you paid, the quantity and quality of the diamonds you purchased, the amount of money that is available for your Class or Sub-class, and how many Class Members filed claims. The Claim Form provides more information describing how your payment was calculated.
If your claim’s proportionate share of the Net Distribution Fund calculated to an amount that was less than $10.00, a check was not issued in accordance with the Order Approving Distribution of the Indirect Purchaser Consumer Subclass Settlement Fund.
U.S. District Judge Stanley R. Chesler approved distribution of the De Beers diamond class action settlement on May 13, 2013 to consumers who submitted a valid Claim Form by the original deadline of May 19, 2008 and for those who submitted late claims on or before March 1, 2013.
If your claim is rejected, don’t give up hope – Judge Chesler also approved the Settlement Administrator’s recommendation to reserve from the De Beers Consumer Settlement Fund the sum of $18,075 for “future unanticipated contingencies, including for payment claimants who come forward and provide good cause as to why their previously rejected claim should be paid.”
That means you may be able to reverse a rejection if you can show why it should be approved.
Top Class Actions has been reporting on the De Beers Diamond Class Action Lawsuit Settlement for several years now. We look forward to hearing what our readers receive from the long-awaited consumer payouts.
More information on how your payment was calculated can be found at www.DiamondsClassAction.com.
The case is Shawn Sullivan, et al. v. DB Investments Inc., Case No. 04-cv-2819 (SRC), U.S. District Court, New Jersey.
Updated June 7th, 2013
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
108 thoughts onDe Beers Diamond Consumer Settlement Checks Go Out!
I had submitted a claim… And have never heard a thing.. Who do you contact?
We submitted a claim for $11,200 and received a payout check of $65. That’s less than 0.5% on our claim, for which we’ve waited for more than 5 years. Well, I guess we wouldn’t have gotten the $65 if it wasn’t for those rich class-action attorneys. I do appreciate the website of Top Class Actions.
i had 3,500 and only got a check for 48.63.
Submitted a claim for about $25,000 — some loose diamonds, some diamond jewelry. Received check for $562. More than I “figured” knowing the court system and how the only winners in a lawsuit are really the attorneys. However, it was definitely less than I’d hoped for. I had hoped for a settlement in the 4 figures. Still, I’m glad to have it all over and glad to have received a check and can now close this chapter — assuming the check clears.
Time to move on. I’ve let this thing rent space in my head for 6 years. Glad to kick it out.
I submitted a claim for $112000. Waited patiently for my “up to 45%”. Received a check for $2600. That’s 2.3%. We should file a class action against the class action attorneys. Seems they got most of the settlement! (wait, that wouldn’t work – the new attorneys would get all that settlement!). I’m just gonna go back to school and become an attorney so I can make some $ on class actions too :)
Received check yesterday, tried to cash today… Teller said it was unable to be cashed and she recommended NOT depositing it. She said no reason was given as to why it couldn’t be cashed. Did this happen to anyone else???? Is this some sort of scam?
Received my check for $487.49, hubby received $262.24. It’s more than we had yesterday :-)
I received a check for 114.00 today was expecting much more…:(
received ck for 1190.12 . Was expecting 22,0000..00 based on formula. . I did provide proof for loose diamond over $25.000. I had receipts for everything. So I received approximately 5 percent of what the formula said I would receive. Oh well, better than nothing.
My projected amount to be received was over $22,000.00. had one loose diamond that was over 25,000.00 and alot of other jewelry. I had receipts for everything and had to prove the over $10,000.00. Got less than 5 percent of amount owed. Got ck for $1190.12. Was hoping for the $22,000.00–especially since I waited over 5 years but hey–it’s better than nothing