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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
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1,230 thoughts onUpdate: DeBeers Diamond Settlement Checks for Consumers Close
Kevin, I think the stories are getting mixed. There hasn’t been sufficient turnaround time for there to have been that quantity of bounced checks with a single banker with the diamond settlement. There were some bounced checks with the foreclosure a few weeks back, which has since been corrected. Your banker is likely mixing that story in with this one. I’m not saying its not possible, just highly unlikely at this stage of the game. And if it does happen then Rust Consulting is permanently out of business.
Got my check this week drawn on Huntington Bank.. Went to cash this afternoon and my bank says they’ve had about 200 checks presented the past couple of days and many are coming back NSF on that institution.. WTH??
End of the week. Still no check. No response from claim administrator neither. Anyone have any other contact info/email I can try?
Mike,
THANKS. I didn’t know that. Nice reply with reference.
Paul
#1192 Paul: The reseller amounts _were_ prorated too. From the Long Form Notice posted on the settlement website at https://diamondsclassaction.com/pdfs/Consumer-ResellerNotice.pdf#page=9 , Appendix B, section B, titled “Indirect Purchaser Reseller Subclass”:
Because the distribution to eligible Claimants, once their verified claim amounts have been calculated, will be pro rata, each individual payment amount will be computed in proportion to the total of all of the claims being paid.
So their claims were pro-rated too, from a separate fund.
The greatest question I would like answered is WHY were the Consumers prorated, i.e.,:
“Recognized Claim Amounts for all approved purchases on a Claim Form will be divided by the total Recognized Claim Amounts for all Consumer Subclass Claimants to determine each individual Claimant’s pro rata share of the Consumer Subclass Settlement
Fund.”
but the Resellers payouts were NOT prorated?
My check cleared and is deposited in my bank.
I don’t know how you can tell if a check is good or bad just by looking. But I don’t believe the people who purportedly have fraudulent checks.
A couple of hours ago, I got my check of $2372, based on a claim of $67000.
Peanuts, if you ask me. However, it’s still FREE money! Yay!
What’s the deal with so many people posting about alleged “fraudulent” checks? Can someone please explain?
Correction – I received $57.46 on a $2700 claim. $900 was what I was hoping to get based on the early assessments of the amount received before the administrator started devouring it.
Got my check yesterday. $57.46 on a $900 claim. Received about 6% of what I was hoping for.
Just proof-positive that the only people who benefit from class-action lawsuits are the lawyers.