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
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
1,230 thoughts onUpdate: DeBeers Diamond Settlement Checks for Consumers Close
Well, mail is coming within the next hour or so. Didn’t get it yesterday, maybe today. Hawaii was included, why not Texas?
additional comment from my post in #1175:
I sure hope the people responsible for handling this class action suit are taking care of all the millions of receipts submitted.
With most claims starting in the thousands of dollars, these receipts/claim forms are like treasure maps…. imagine what the Sorpanos family can do with them. :)
The claim forms have the our home addresses and the receipts show how much $$$(in jewels) are inside. IMHO, these claim forms and receipts should be incinerated as soon as all the checks have been cashed! :)
To: #1167 Andrea
Yeah.. I feel the same way. Except high school only took 4 years. This DeBeer case took 5+ years. :)
I got my check in the mail this morning. It was only for $150. (claim was for $9000) It’s free money, so I’m not complaining much.
Some lessons that I’ve learned from this whole experience:
(1) should have gone to law school and became a lawyer
(2) buying jewelry is not an investment… unless you are buying bars of gold
(3) our planet Earth has “almost” an unlimited supply of diamonds…. so… :)
Got my ck yesterday for $85.00, looks like we are ordering from the dollar menu.
what a let down…
Now to wait for the LCD matter to end, but in appeals so I am sure no one will get anything from that one (or anything worth-while) too.
Got my check 6/11 in MD. Claim was for $31,692.00 check was for $632.23, glad its over, very disappointed. Now that I’m older, I wish I had the money spent on the jewelry and not the jewelry that is not worn anymore and you can’t sell and get what you even paid for it.
So I submitted a claim for a bit over 13,000. Received my check for 319 and odd change. Glad this is over.
Where can I find out if I am going to get a check? Know others who have gotten one.
@Pammy. You’re misunderstanding how the calculation worked (seems a lot of people are). The 38% was just used for weighting the value of various claims (since someone who spent $5k on a diamond had more exposure to inflated diamond prices than someone who spent $5k on a necklace that included diamonds, gold, and other stones). The settlement paid out ~5.4% of the “recognized claim” value.
This post at fatwallet pretty well sums it up:
http://www.fatwallet.com/static/attachments/257774_debeerspayout.jpg
Got my check and it was only $45.00, according to their calculations in the Appendix it should have been around $800…is their any remedy for this BS????