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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
WE SHOULD GET PAYED FOR TAKING SO LONG.AT LEAST SOME INTEREST,BANKS PAY INTEREST.
WHEN WILL THE MONEY BE S
How can we find out if our claim was accepted or rejected??? Does anyone know, I submitted over $80,000 in claims but haven’t heard anything….
I agree with waitingInMN no more claims if u missed the deadline YOU SHOULD NOT BE ALLOWED TO FILE A CLAIM.
Still haven’t got mine as of yet.Where is it?
I filed my claims some years ago, how will I be notified?
thanks for the clarification Cailly…
my butt still hurts at getting 5cents on the dollar but it don’t hurt as bad as when I thought the administrator got zillons.
I filed the claim with proof of purchase for a loose diamond of $19972.00 and a diamond ring setting of $1828.00. Guess what…..the settlement check I received was $31.31. This is 0.14% of the price I paid. I sent a letter on 8/9/2013 asking for the explanation of the refund amount. As of today, I haven’t heard from the settlement administrator.
I will not participate any class action claims anymore, it’s not worth the time and the cost of mailing the registered claim form. Learn a lesson.
No Tommy Boy, you are not reading it right; the consumers got like 47% of the 295 mil, then after all the costs, the 107+ was left for consumers for the claims administrators to divvy up from over 2 bil in claims.
I just threw all my paperwork away because I figured it had been 5 years and never heard a word…go figure
am I reading this correctly?? the judge authorizes $295millon but the net payout after paying the administrator is $108millon??
did the administrator get $187millon??????
and we get 5% on back on our diamond purchases?
I am gonna use my money to see a proctologist for some repair work…I got reamed!!