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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
I would have thought that the dealers claims would take the longest to figure out because of the inventory they carry. The consumer class might have just a few pieces? Mostly engagement ring. The longer they drag this out the more of the settlement money this company gets from court.(Rust for processing claims etc)
This is really a big joke that consumers have no info on when they are getting their checks or really if they are getting checks. Calling the 800 number is a waste of time. It is always the consumer that gets screwed anyhow.
Wish they hire enough people to process checks faster.
Hope consumer checks come out soon. Anyone have any more info?
Sounds like Mary is th eone that needs to get a life. “Pay me, pay me, pay me” -or I’ll stomp my feet some more until my next welfare check arrives.
William B: Are you sure it was a check regarding the Debeers settlement? Maybe it was for the Diamond Walnut Company?
William B dealer checks were received first week sept.–you didn’t recieve no check yesterday. Good try– get a life.
Submitted $64,000 in loose diamond claims, rec’d check yesterday for $74.27. What an insult.
The lawyers won again friends.
Time to pay up !!!!
What I want to know is why the consumers didn’t get payout first! WE are the ones who were screwed the most in the end, and have the most to lose financially! Why don’t the lawyers or the courts publish accurate dates for the checks to be sent out, why do they feel the need to keep us in the dark?????
It’s just been a lawyers payoff. When do we get what is ours? We overpaid not knowing. I just want what belongs to me. And I want it now. I waited long enough……….