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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
Hey “Russ”
Bad news, the government just closed us down on Wednesdays… something about being short on money.
Anyway… we’ll have to find time to look at the affidavit later. Just send it later this year… we usually get some free time around Thanksgiving.
Hey Court, sure, Russ would be fine.
It took us awhile to realize what you were talking about since we forgot about this whole Diamond Class Action thing anyway. We had a killer game of beer pong going here on the 4th floor that distracted us.
Drinks… sure… lets do that. Should we party-bus it so none of us have to drive after? You need lawyers after a DUI, and we all know how expensive they are!!!
Gotta run… gonna post an update on the website so it looks like we’re on top of things. Chao friends!
Hi RUST (Do you mind if we just call you Russ? It feels more friendly).
Anyway, please file an addifavit to bill for the time you spent reading these posts. Also, we’ll need an amendment to the affidavit for the time spent reading this post in regards to reading the posts.
Whataya say we just push this whole thing off a few more months? Oh, btw, drinks later at the country club? Let us know. thx.
Hi everyone. Thank you for the hours of comedy we’ve had reading these. We also billed you for the time it took to read it, so your payouts may be less now.
This is awesome!
Why is getting any answers about the settlement like pulling teeth. Dec 14 website updated with no new information. You hear from the grapevine that rust wanted more money. For What. Stalling?? Was it money to print consumer checks??? Just what is going on!!!! Top class says that the official message is that rust was preparing affadavit. Please give some pacific answers such as possible time of distrubtion of checks-How many claimants or that they are blowing smoke up our fanny again!!!
After looking into the updates and comments, I too eagerly await a check. However, skeptic that I am and having worked with legal applications, I don’t expect to see anything anytime soon. Found something interesting for everyone to ponder: Rust Consulting, Inc. the firm responsible for the payments managed to obtain additional payment for their services at the time of the last payout to the Indirect Purchasers. And, again they are asking for more because of unexpected costs. If they are the industry experts they claim to be then there shouldn’t be another bill from them before the settlements. (just one girl’s opinion). Also, another thought… the Indirect Purchasers received a larger proportionate share than the Consumers, yet many of them passed on the additional costs in the resale…. hmmmm. Don’t get me wrong, I will be happy with whatever I may received, but one still has to wonder.
#42 Mary, thanks for the correction, seriously. LOL
I will have to be more cognizant when posting. I have been known to make somewhat similar errors: accept/except ; their/there, due/do. I think that it is a result of failing to fully engage the brain. Or maybe I should take Andrea’s advice and proof read. Does anyone remember lemon-lyman.com on West Wing? …. deja fu…..oops! ….déjà vu…… whatever!!! LOL I hope everyone is happy with their claim results and in fact does pass it on ….
You can’t bake a cake unless you know the ingredients…..therefore any calculations what is possible is just ASScertain as andrea said. Who cares wait for the official word from debeers site.
#41 Ro, it’s alluded to, love.
Lawyers are in business to make money. Same reason anyone’s in business. Here’s to a windfall in 2013! Cheers!
# 39: Andrea, this blogs self-appointed critic.
(Surely you were not calling me an ass when you posted “ASScertained” unless you thought I did not spell ascertain correctly…or you could not ascertain what I ascertained.) Oh,. ….Nerver-Mind!
What I posted makes perfect sense to me, but, the formula did take some in-depth perusal on my part…and that doesn’t make me the village idiot either. However, as I eluded to, we are missing some important factors. We do not know final $$ allocated for our respective class; # of approved claims in our respective class; $ amount of each claim approved; quality of diamond/s in each claim vs how much claimant paid for each; total $$ of all approved claims in our respective class…..just a few of the factors not available… keeping almost anyone, in my opinion, from making an “educated” guess, excluding the psychics, of course. I simply was pointing out that it is not that simple….and I believe, that those sorting all this out have their hands full; maybe they are padding the time spent more than necessary…… and maybe not. It is what it is…
Personally, any frustration that I have felt in this whole issue is that I did not at least do a little “Due Diligence” on the front end. ….that I have clearly ASScertained.