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Update: De Beers Diamond Settlement Checks In the Mail for Dealers
By Kimberly Mirando
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UPDATE 6/7/13: De Beers Diamond Consumer Settlement Checks Go Out!
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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.
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Updated June 7th, 2013
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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 am really getting sick and tired of the fact that they can’t give an update or a time frame. It isn’t about the money it is about the principal. I have never expected much however I do expect a courtsey of regular updates. They are still saying a few months and that is from the August 21 date. What a bunch of morons.
Beth you are crazy!!! You and every other consumer probally see 2% at best. Keep dreaming.
I think consumers will get a good payout when the checks actually arrive. I purchased about $110K worth of jewelry with diamonds and in that amount, three solitaire diamond rings that were over 10K. I am expecting the the 59% of the retail for those three rings alone.
I am very positive about this. Call me crazy.
Did anyone get an email regarding this suit? I got one that indicated no updates yet.
It used to be you only had to worry the lawyers taking all the settlement money NOW you have to worry about the company that does its claims processing. They are getting a chunk of settlement money to process claims. They are getting big bucks to mess over us.
It is someone ironic that the party who held up the lawsuit for years is the first one paid and the consumers who sat patiently waiting have to wait many more months for what will probably be a letter stating their claim does not fit the minimum amount to cut a check. We all know that letter is coming.
Been two months without any updates. What is (or not) going on please?
consumers need their money in this bad economy. Court pays you to process claims–so why does it take so long?
It doesn’t take that much effort to push a button on the computer and the checks come out. STOP STALLING _BEEN LONG ENOUGH!!!!!!
I filed a claim in 2005. It’s been so long, I’ve moved twice. Each time I email in a change of address & I have received a confirmation back. Never received anything when I sent in my claim. How do I really know they haven’t lost me? It’s been 7 years!