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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
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202 thoughts onUpdate: De Beers Diamond Settlement Checks On the Way!
Forget about it kids….got check yesterday for $76.33. Sent claims for just over $50,000 in diamond purchases. Wasn’t worth my time to get receipts for diamonds.
Sorry everyone… Plain lying, not plane lying, as in on a plane.
ANYONE who reported receiving a check either has this confused with the diamond walnut case or is plane lying. No one has received a dime as the administrator has not filed the final claim(s) audit with the court, which audit is to be filed shortly and prior to the distribution of any checks. Checks are anticipated to go out (again after court approval) within 60-75 days.
Is it true business’s are going to get their checks ahead of consumers? Any dates been set for business checks and how far behind will consumer checks be?
I keep waiting for someone else to appeal this thing. Love for it to be over.
Of course, the lawyers will get the bulk of the settlement. As usual. Such a scam. Getting our hopes up, only to have the lawyers walk away with the settlement.
too bad we couldn’t find out the actual number of claims submitted??? Im curious, thats all
Sid- unfortunately, PACER is the only source I know of.
As to your calculation, I did the same math myself and came to the same conclusion. However, given the number of claims, I find it highly unlikely that claims are going to be paid out at exactly 5.00000000% of the maximum recognized claim. My speculation would be that Rust Consulting was just estimating, and that actual claims will be paid off at just over or just under 5%. I think, though, that you could use the formula claim * maximum % * 5% to get an estimate of your claim.
However, I did some alternative calculations using my own claim as well as half of Murray’s claim and they are all about 2% of the total claim, give or take. So it is a good rough guesstimate. As I said, your mileage may vary.
SJ- Wouldn’t the necklace & earrings be claimed at 32% with the ring at 45%? That would make the recognized claim $5780 and the recovery of $289 equals exactly 5% of the recognized claim amount.
SJ- Thank you for the info. Do you know a website where I can access the info without going through PACER?
FYI, for anyone who wants to review the filings I referred to in my prior post, the Rust Consulting report is Document 370 in Case 04-cv-2819 in the District of New Jersey. See paragraph 11 for the reference to $289 for David Murray.
David Murray’s claim is document 196-2 in the same case. He has claimed a necklace for $1,500, a ring for $10,000 and earrings for $2,500, for a total claim of $14,000 (sorry, not $15,000). So his recovery is 2.06% of his claim. I apologize for the miscalculation.
The Rust Consulting report discussed above goes into depth about the amount of claims filed, etc. The top check that will be distributed is for $5 million! That means someone probably spent more than $100 million on diamonds!