Sarah Mirando  |  April 6, 2012

Category: Legal News

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De Beers Diamond Class Action Lawsuit Settlement Update

By Kimberly Mirando

 

UPDATE: On May 21, the Supreme Court denied the final petition for review. The Settlement Administrator announced shortly after that it will conduct final claim audits and mail checks to Class Members within the next few months!
 
The hotly contested De Beers diamond class action lawsuit moved one step closer to paying out, according to the Jewelers Vigilance Committee, which reports that the U.S. Supreme Court denied a petition for judicial review filed by members of the Indirect Purchaser Class. A second petition for review filed by another member of the Indirect Purchaser Class is still under consideration by the Supreme Court.

We reported in December 2011 that a settlement in the De Beers diamond class action lawsuit had been approved, but it appears claimants may have to wait even longer as the challenges and appeals that have plagued the case for years continue to play out.

The De Beers diamond settlement is a huge class action lawsuit that will pay out hundreds of millions of dollars to consumers who purchased loose diamonds or jewelry and jewelry store owners who were affected by an alleged DeBeers monopoly, and who filed claims May 19, 2008. (You can read more about the De Beers diamond class action lawsuit settlement here.)

The Supreme Court’s denial of the first petition means that the previous decision by the Third Circuit Court of Appeals to deny the Class Members’ objections to the De Beers diamond settlement will be reinstated.

No information was given on when the Supreme Court will rule on the second appeal, but payment of claims will likely be delayed until the Court acts on the second, and final (as far as we know,) appeal.

 

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Updated May 24th, 2012

 

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78 thoughts onDe Beers Diamond Class Action Lawsuit Settlement Update

  1. Really Thats It says:

    Less than 2% of the purchase price. Really?!? If the prices were only inflated 2%, then I would have have worried about it. The fact is that the prices were inflated a lot more, and the increases in taxes from the higher amount was more than this check!

    If we all got 2% of the purchase prices, that means we collectively bought $8B retail in jewelry. The settlement was $300M (3.7% of the $8B). As long as De Beers price fixed to make more than $300M, then they still won.

    Oh, and the lawyers won too.

  2. leftworkearly says:

    Received my $715 check, went to Bank of America today to cash it. A message came up on the teller’s screen that said the check would likely will be returned unpaid. I had to deposit it and they put a 9 day hold on the check… WTF???????????

  3. B. Helm says:

    I put in for $68,000 USD
    got check for $260 – what a joke ! ! ! !

  4. josh says:

    Got my check today. Claimed $9000 and got a whopping $264 check. Better than nothing, but consumers still got screwed on this one!

  5. MLeshyn says:

    What a joke! After waiting 5 years, I received a rebate of 1.15% of the purchase price. Absurd!

  6. KA Boehm says:

    I got my check today (Houston, TX)…ended up being about 5% of the purchase price of what was claimed.

  7. Brian says:

    I received my check today too. Hard to believe…

  8. Mike says:

    Got my consumer-class check today! Seriously, no kidding. I’ve been waiting since 2007. It’s about 2.5% of what I paid for the diamond, less than expected, but still something. I’ve never posted here, but have been monitoring.

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