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Update: De Beers Diamond Settlement Checks In the Mail for Dealers
By Kimberly Mirando
UPDATE 6/7/13: De Beers Diamond Consumer Settlement Checks Go Out!
Good news for those waiting to get a check from the De Beers diamond class action lawsuit settlement: on August 10, 2012, a New Jersey federal court gave the green light to allow the first checks to be mailed to the Indirect Purchaser Reseller Subclass, which includes most jewelers and diamond dealers.
According to the De Beers settlement administrator, Rust Consulting, 7,862 claim forms were received and processed from the Indirect Purchaser Reseller Subclass. Of those, 1,672 were not eligible to participate in the class action settlement, leaving a total of 6,190 eligible claimants.
The Indirect Purchaser Reseller Subclass will be allocated over $110.8 million, including interest. This amount may be reduced pending any future administrative and escrow fees.
The court ruled that claimants whose total payment would be $25 or less will not receive a payment, Rust said. Around 135 claims fell into this category.
So how will you receive your money from the De Beers diamond class action lawsuit settlement? Payments will be divided into two distributions: claimants will receive approximately 85 percent of their payout during the initial distribution and 15 percent during the second distribution – unless the second amount falls below $25. In that case, claimants will receive their payments in full during the first distribution.
Some diamond dealers who bought directly from De Beers or its competitors are also included in the Direct Purchaser Class. No official word has been given on when payments in this Class will be distributed. However, we’ve heard rumors that consumer checks may be mailed by the end of the year. Once a date is confirmed, we’ll pass it on.
Keep checking Top Class Actions for the latest updates on the De Beers diamond class action lawsuit settlement.
Updated June 7th, 2013
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
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71 thoughts onUpdate: De Beers Diamond Settlement Checks In the Mail for Dealers
Why did these dealers all of a sudden be allowed to file claims after the deadling??? we who did it right got it up the butt again.
Yes, an update by any direct purchasers would be welcome here!!
I hope the business people enjoy their checks while the consumers that they took advantage of sits and waits for their piece of the pie. Never seen one group of people get a check while other still on hook. Everyone should have gotten a check at the same time.
updaes please
updates
updates
So the every day consumer will get screwed again!
I’ll believe it when I see it. This has been going on for years so any money will be in the lawyers pocket as usual. What if you have moved since filling?? 32% if you spent $1000-$5500. I heard $600 max if you spent over $2,000. Only time will tell what”s a few moer years
Diana, this is regarding the resellers payments, not the consumers. What consumers get is (supposedly) based on a percentage of what each item the purchased cost them.
CONSUMER DIAMOND PRODUCT TABLE
Item
Mixed Stones Jewelry Less than $200 = 6% of the retail price
Mixed Stones Jewelry $200 or more = 14.5% of the retail price
Diamonds Only Jewelry Less than $200 = 10.5% of the retail price
Diamonds Only Jewelry $200 – $999 = 27.5% of the retail price
Diamonds Only Jewelry $1,000 – $5,499 = 32% of the retail price
Diamonds Only Jewelry $5,500 – $9,999 = 38.5% of the retail price
Diamonds Only Jewelry $10,000 or more = 45% of the retail price
Loose Diamonds any and all = 59% of the retail price
At least that is what the website says in the Appendix B of the Notice of Proposed Settlement
So the consumers who bought and spent $$ will probaly get nothing – thats great we spent over 100 thousand got ripped off and will probaly see nothing…or I can expect a check for whole $25 cann’t wait to get it, cash it, spend it on a scratch ticket….Wow that’s all I can say…
110 million for 6000 claimants in the reseller class. It will be intersting to see how they decided on who got what. Some of the resellers were undoubtedly Tiffany, Cartier, etc.They may have sold 50 million or more US, while the average jeweler sold a few million during the period. This is going to be interesting to see what you will get. We will know very soon.