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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
Aug 31st debeers web site says checks will be out in couple of months. If they are not sending checks out until dec or jan then they need to update the web site. These people that answer phone read from scripts and usually don’t know what they are talking about.
Thank you for the update that we might not see a $5 check til Dec or Jan. Watch…..we’ll all ope the mail on Dec 26th to find a little bumper that would have helped us through a ridiculously frivolous season!
Mary: Oooopsi!!! So sorry! I menat to reference to poster “Patricia” above your name. My bad. So sorry! they won’t allow me to delete a comment.
Babaloo, can’t use your real name and need to hide it?
If Debeers want some of their money back they need to make sure consumers get their payout in Nov so they can buy diamond products for christmas.
Luv the name, alpha bitch.
Fred stated “Maybe consumers need to file lawsuit”
And wait another 4-5 years. I don’t think so!!!!! Then again, you don’t miss what you never had (settlement $$$). :)
Maybe consumers need to file lawsuit over being taken advantage of after business got sent checks the first week of sept. EVERYONE SHOULD HAVE GOTTEN CHECK AT SAME TIME.
December or January! Great, now I can use it to help pay of the jewelry I am going to buy for Christmas.
According to the girl at the 800# today consumers won’t see their claims paid til Dec or Jan. So sad how poorly this has been handled.