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Your Refund from DeBeers Diamonds Class Action Lawsuit Could be Peanuts
Or might buy you even less.
That's right. Payouts are expected to be small as the number of claimants is expected to be very high.
The settlement formula sets up a scale for determining the highest potential rebate a consumer could receive. For example, diamond jewelry that cost $1,000 to $5,499 would be eligible for a maximum rebate of 32 percent of the purchase price, with higher percentages for more-costly diamonds and lower percentages for less-expensive stones. On a $2,000 ring, that means you could get back $640.
The more people who apply for a rebate, the less each individual will receive.
That's because the consumer portion of the De Beers payout is capped at $135 million, minus up to 25 percent in fees owed to the many law firms that brought the multiple class-action suits between 2001 and 2004.
The figure looks even smaller when compared with the total value of the diamonds sold in the U.S. during the 12-year period covered by the settlement: about $294 billion.
Those of you that want to file a claim, go to this website for specific instructions and Forms:
File Your Diamond Claim Against DeBeers Here
Bottom Line is that expected payouts may very well be $5-10 dollars per claimant. Not even enough to get into a Movie. OUCH!
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