Debeers Class Action Settlement
- Thread starter TheImportersWife
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I'm getting the paperwork on our purchases from our broker. These are the payout numbers? Hard to believe these number in a class action lawsuit.
It appears to me that anyone who bought a diamond, whether from DeBeers or its competitor (since DeBeers drove up prices and thus the competing mines followed suit) is able to be a claimant. However, the amount one would receive as compensation will most likely be miniscule -- BUT perhaps many consumers would feel this way and therefore will not file suit, leaving those who do so more compensation??
Bottom line: it's up to you.
No help, am I?
Bottom line: it's up to you.
No help, am I?
Thanks for this info. You girls are the best! After spending over 100k on loose diamonds, during this time frame, I'll probably end up with $10. Don't make a lot on class action suits. Luckily, I bought all this stuff from the same store...so I'm going to contact them. Looks like a lot of paperwork, though, and I'm lazy. Is it worth it?
The Fairness Hearing was held on April 14, 2008, and the District Court approved the Settlement on May 27, 2008. Appeals were subsequently filed contesting final approval of the Settlement. A hearing on these appeals was held on January 28, 2010, at the Third Circuit Court of Appeals in Philadelphia. On July 13, 2010, the appeals court sent the settlement back to a lower court for further consideration. On August 27, 2010, the Court issued an order granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect. The Court heard the appeal again on February 23, 2011. On December 20, 2011, it held that the settlement complied with the law and should be approved. On May 21, 2012, the U.S. Supreme Court denied the final petition for review. The claims administrator is conducting final claim audits, and distribution of settlement funds should take place within the next few months.
www.diamondsclassaction.com
I'm part of it. My jeweler filed for us.
Still think DeBeers is not done fighting yet. The attorneys can still eek out a few more billable hours.
I'm part of it. My jeweler filed for us.
Still think DeBeers is not done fighting yet. The attorneys can still eek out a few more billable hours.
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Interesting. I didn't know about this. What does everyone think will happen to the price of diamonds? I haven't checked the trends in months. Are they still really high? Gaining? Declining? Will they start to decline?
I have nooooo idea. I'll ask DH tonight if the paperwork is somewhat handy. I read the avg. payout was $180, mine was a few hundred.
