Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Update: De Beers Diamond Settlement Checks for Consumers Close
By Sarah Pierce
Top Class Actions just received an exclusive update on the De Beers Diamond class action lawsuit settlement, which is still awaiting payouts to the Direct Purchaser Class (consumers). According to our inside source:
“The official update is that we are preparing an affidavit to be filed with the court pertaining to the distribution [of consumer checks], and once the court approves, distributions will be made. We cannot provide a specific time frame for this to occur.”
Indirect Purchasers (dealers) were given the green light to receive their De Beers Diamond settlement checks in August. And according to a September article on JCK Online, they’re “surprisingly happy” with their De Beers class action settlement checks.
Many of the dealers received five or six figures, reports the article. According to one New York City diamond dealer: “I was among those who was asking, ‘Was it worth the effort to file a claim?’ But it was definitely worthwhile. I almost had to take a second look. I thought, ‘It’s got to be a mistake, I should take it to the bank fast and cash it.’”
Many of these dealers will also receive a second check, as the class action lawsuit settlement agreement was to distribute 85 percent of the settlement fund in one wave, and distribute the remaining funds in a second wave. This excludes Class Members where the second amount totals $25 or less.
There’s no telling when the De Beers diamond settlement checks will be mailed to the consumer class, but it may be at least two months since they’re still preparing the affidavit. 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, or have these updates delivered to your inbox by signing up for our free weekly newsletter.
Updated December 6th, 2012
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
Top Class Actions Legal Statement
1,230 thoughts onUpdate: DeBeers Diamond Settlement Checks for Consumers Close
It’s too bad they didn’t get it to the consumers by Christmas….some of us might have used it to BUY MORE JEWELRY! OH WELL!!!!!
I was hoping they would have held true to the original December date so I wouldn’t be homeless….But that’s okay, God has a plan and I will never invest in diamonds again~
This is getting ridiculous, by the time they get to the consumers the lawyers will have already taken the amount we are owed! We should get our share before they finish paying back retailers, etc or we will never get ours.
boy, with all the negative comments above, I hope this doesn’t jinx it for the rest of us…. be positive !!
They say they are preparing affadavit–which means in a month or two they will go to court. Usually after they go to court it takes another two months to cut checks. The dealers will have gotten their second check before consumers get their first. They will probally do some hanky panky by holding a % of consumer checks also. I bet we see the easter bunny before we recieve our ckecks.
MORE CRAP WHERE THE COURT TAKES CARE OF THE LAWYERS AND SELLER’S WHO JUST PASSED OFF THE OVER PRICED DIAMONDS TO US THE CONSUMER !!!!!!!!!!!!!!!
It figures…some retailers get checks for “several hundred thousands dollars” and still have another 15% check coming their way where the people who buy the items from them and help them survive have to sit on the sidelines waiting for more months. A little something before the holidays would have been nice but I’m not surprised
Just so typical..the lawyers & the retailers..have received payments..The people mainly affected the consumers received 0..& still may take a few more months because another legal paper…how fitting & not surprising.
Back when dealers got there checks and everyone was so happy (back on August 31st) they said consumers can expect their checks in the next few months. December 6th is 3 months and a week later, only to hear that we most likely still have to wait….a couple months….for what probably will be pennies, or HOPEFULLY more than $10 so we at least can get a check lol. This has been dragging out for so long that I just can’t wait till its over, and not to receive the money, just so the anticipation and eventual letdown will be over with.
Thanks for the update Sarah!