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|Update: De Beers Diamond Settlement Checks In the Mail for Dealers|
- Tuesday, 21 August 2012 10:46
Update: De Beers Diamond Settlement Checks In the Mail for Dealers
By Kimberly Mirando
UPDATE: Consumer checks may be months away.
Good news for those waiting to get a check from the De Beers diamond class action lawsuit settlement: on August 10, 2012, a New Jersey federal court gave the green light to allow the first checks to be mailed to the Indirect Purchaser Reseller Subclass, which includes most jewelers and diamond dealers.
According to the De Beers settlement administrator, Rust Consulting, 7,862 claim forms were received and processed from the Indirect Purchaser Reseller Subclass. Of those, 1,672 were not eligible to participate in the class action settlement, leaving a total of 6,190 eligible claimants.
The Indirect Purchaser Reseller Subclass will be allocated over $110.8 million, including interest. This amount may be reduced pending any future administrative and escrow fees.
The court ruled that claimants whose total payment would be $25 or less will not receive a payment, Rust said. Around 135 claims fell into this category.
So how will you receive your money from the De Beers diamond class action lawsuit settlement? Payments will be divided into two distributions: claimants will receive approximately 85 percent of their payout during the initial distribution and 15 percent during the second distribution – unless the second amount falls below $25. In that case, claimants will receive their payments in full during the first distribution.
Some diamond dealers who bought directly from De Beers or its competitors are also included in the Direct Purchaser Class. No official word has been given on when payments in this Class will be distributed. However, we’ve heard rumors that consumer checks may be mailed by the end of the year. 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.
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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Last Updated on Thursday, 27 December 2012 11:09