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De Beers Diamond Settlement Update: Distribution of Consumer Payments Approved
By Mike Holter
UPDATE 6/7/13: De Beers Diamond Consumer Settlement Checks Go Out!
CORRECTION 5/21/13: The order submitted to the court on April 9, 2013 was a proposed order. Judge Chesler did not sign off on the distribution of consumer settlement checks until May 13, 2013. Read more here.
A New Jersey federal judge has authorized distribution of the $295 million De Beers class action settlement to consumers who filed valid claims, according to court documents filed yesterday.
In his April 9 order, U.S. District Judge Stanley R. Chesler said all claims filed by Consumer Subclass Members after the claims filing deadline of May 19, 2008, but on or before March 1, 2013, will be accepted and eligible for payment, provided their claims are approved.
Judge Chesler also approved the administrative recommendations of the claims administrator, Rust Consulting, concerning the rejection of deficient and ineligible claims, finding Rust offered claimants “reasonable notice of claim deficiencies and an opportunity to cure them.”
The current net balance of the De Beers Consumer Subclass Settlement Fund is just under $107.9 million, after Judge Chesler’s approved payments to the settlement administrator.
Chesler also approved Rust’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.”
The De Beers Diamond Class Action Lawsuit Settlement 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
112 thoughts onDe Beers Diamond Settlement Update: Distribution of Consumer Payments Approved
When this all started, I thought. “Hmmm…I bought a boat load of diamonds during this period. Lucky me! I think I’ll dig out everything and file a claim.” HAH HAH!
I never in a million years dreamed it would haunt me to my grave!
I will just be glad when it is over!! I am so bloody sick of all this stalling around, presenting false hope to some who think they will get enough to buy a new coat!
If I get ONE CENT I will be happy that this fiasco is finally finished and we can all go on with our lives!
And while we’re at it, let’s hear it for Top Class, without which I would have still been in the dark.
‘(would that have been such a bad thing????)
I was at least, able to get $12.64 for my diamond walnut claim ages ago because of it!! No doubt, the better of the two diamond outcomes!!!
how do you know if your claim has been excepted? and where did you get the information about the number of claimants?
how do you know if your claim has been accepted. And how did you find the number of claimants?
551,909 eligible claims get paid from 107,947,157.45 plan on about 5%. they say the average claim payment will be about 180.00 according to the court documents.
How many claimants are in the consumer class? If I knew that, I could sure tell if my 6K in diamonds is going to return me anything
Rust said to the better business bureau that in about 3 weeks after court approval, they will be issuing checks to consumers, so come late April or early May, approved consumers should see something. Running the numbers, I had about 8999 in claims so should see around 480; Maybe less but who cares, it is finally near time and at least I was not one of those whose claim did not warrant a check at all. (my sympathy’s to those folks)
greg, if that is the case then debeers didn’t pay nearly enough money.
claimants are due proper notice, which wasn’t given. in the interest of justice late claims should always be approved as long as the claim review process in in process.
Why have a filing deadline if they are going to let people file claims for five additional years?
i belive it when i see it