Yesterday, we shared the news that people have started to receive their settlement checks from the class action lawsuit that accused diamond merchants De Beers of price-fixing. (Gasp!) The first reader we heard from, Sean, was upset that he only received $48 back on a $3,000 claim, or about 1.6%. Other readers are happier with their settlements…but, to point out the obvious here, people with larger settlements are a lot happier, and people who spent more on shiny rocks in the first place received larger checks. [More]
Do you remember May 2008? That’s when we reminded our readers to get their claims in to get their piece of the $135 million class-action settlement against diamond miners, merchants, and pseudo-monopoly holders De Beers. Since then, class members have been waiting for their settlement checks. And waiting. Then waiting some more. [More]
If you bought a diamond between January 1, 1994 and March 31, 2006, today is the last day to join the DeBeers class action settlement. It doesn’t matter whether or not the diamond was bought from DeBeers, the diamond could have been bought from anywhere. The lawsuit contends that DeBeers uses its monopoly over most of the world’s diamond mines to artificially inflate the price of diamonds and engages in other anti-competitive behaviors as well. It’s expected that around $135,432,500 will be divided amongst all the eligible consumers. You can file claims online here.
This is round 7 in our Worst Company in America 2008 contest, DeBeers vs 1-800 Flowers.
Ever bought a diamond? You may be eligible for a piece of a multi-million class action lawsuit alleging that diamond giant DeBeers conspired to monopolize the diamond industry by fixing, raising, and controlling diamond prices, and by issuing false and misleading advertising. The class is open to anyone who bought any diamond from anyone from January 1, 1994 to March 31, 2006. $135,432,500 will be divided amongst all the approved consumer claimants.