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Update: De Beers Diamond Settlement Checks On the Way!
By Kimberly Mirando
We reported last month that the U.S. Supreme Court received a second petition for judicial review by a member of the Indirect Purchaser Class, which could have delayed the payment of claims for an undefined period of time.
Luckily, the Supreme Court did not take long making its decision, and it looks like Class Members will finally get paid after years of delays caused by challenges and appeals.
We’ll keep you notified as soon as we learn when Class Members can expect their settlement checks to arrive from the De Beers diamond class action lawsuit settlement.
A special thanks to Top Class Actions reader “Nico,” who alerted us to the update to the Settlement Administrator’s website, DiamondsClassAction.com.
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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202 thoughts onUpdate: De Beers Diamond Settlement Checks On the Way!
You can figure out what % of your claim you are going to get generally from the filings of the claims administrator before the court compared to what the objectors to the settlement have claimed.
David T. Murray’s claim (which was filed publicly) was for $15,000 in diamond purchases. In a public filing, Rust Consulting said that based on their math, he was going to get $289 out of the settlement. So he is getting about 1.9 cents on the dollar of his claim.
There is a sliding scale for claims (lower dollar claims get less of a % of their claim) according to the settlement, but you could probably use a 2% figure as a rough guesstimate. Your mileage may vary.
It’s been said from jvc website that the percentages arn’t going to hold because large number of claimants. If we are entitled to more than the $640 that’s great. I think everyone is going to be disappointed in the settlement.
The website gives a breakdown of what to expect for the indirect purchasers (like me) and basically says for the $15,000 total in purchases I made during that time period, I should expect a 32% refund check. Why do I keep then reading that the payouts will essentially be peanuts?
Jeff is wrong. Read the full notice available at the settlement administrator site, appendix b. There you can determine your maximum claim amount. It depends entirely on the type of jewelry and value of said
CONSUMER DIAMOND PRODUCT
Conversely, if the number of persons filing approved claims is so low that the computation of a Claimant’s pro rata share of the Settlement Fund would exceed the total Recognized Claim Amounts for all eligible purchases, the Claimant will be limited to the total Recognized Claim Amount of their purchases. For example, if a Consumer Subclass Member claims for one engagement ring that costs $2,000, for which the Recognized Claim Amount is 32% of the purchase price, that Claimant will not receive more than $640. Recommendations as to the disposition of any money remaining after all Claimants are paid for the Recognized Claim Amounts of their approved purchases will be made by Class Counsel to the Court after the total amount of such monies is determined.
On the claim form it said the max amount you could recieve is $640. i think alot of people are going to be upset because they keep throwing out large dollar amounts that they paid for their diamonds. It seems that alot of people put in for this and we all probally lucky to get more than the min. $10.
In repsonse to a previous question, I believe we already have claim numbers. There is one on the green card that was returned to me and I seem to remember we were give one when we printed out the form to mail as well. I have that paperwork saved on another computer but will check tomorrow.
I hope you all sent your claim the way I sent mine, via registered mail where you received back a green card. If you did, I hope you kept it. I did. I can’t remember if I sent proof of purchase when I filed but I have that also. We bought a large, loose diamond for over $7000 and a cross necklace with one small perfect diamond in it. It’s not a small amount and if you own a diamond you should have all the certification, as well as the receipts in a safe place with your other documents. My only concern here is that they don’t contact everyone for their validation or proof of purchase. I wonder how long we should wait until we hear from them and become concerned they missed our claim?
Get a grip. I can’t even believe that you take the time to continue to call in and ask about the settlement. My goodness, go to work and brush it off and you’ll get yours soon enough. Tootie learn how to drop the e before adding ing… In your case, do a little extra to lieing… Really? smh
AJ- The address is: Diamond Claims Administrator
PO Box 9432
Minneapolis, Mn 55440-9432
I agree with the previous comment in “many years” of planning & re-verifications plus resenting new paper work. All these were smoke screens. Come on people get wise. These individuals have had years to plan; vacations, dinners, new cars, etc. and not worry like you & I about our overly price purchases. Now they are face with a reality check! What they are going to do after this circus is all over. I am sure Angela is part of the circus team as she has been very vocal over the years. It’s been 30 days since the highest US court ruling. Let’s see what the next thirty days bring forth.