Diamond class action lawsuit

Have you bought a diamond in a while?

I did. I bought my wife’s ring from Amazon a few years ago. What about you? If so, there may be some money sitting on the table for you from the class action suit.

De Beers class action lawsuit

It turns out that there is a major class-action lawsuit going on against diamond supplier De Beers for allegedly violating federal antitrust laws. The suit is still pending final court approval, but if it is approved U.S. residents who purchased a diamond between January 1, 1994 and March 31, 2006 would receive a pro-rated amount of the $295 million settlement.

These are a few of the notes I found on the claim submission website:

Please be advised that if your pro rata share of the Settlement Fund is a payment of less than $10.00, no check will be sent to you as a result of prohibitive administrative costs. As a general guideline, if your total purchases consist of Mixed Stones Jewelry with combined purchase prices of $165 or less, or Diamonds Only Jewelry with combined purchase prices of $95 or less, your claim will not reach the payment minimum amount of $10.00.

On the other hand, if your pro rata share of the Settlement Fund would exceed the total Recognized Claim Amount for all of your eligible purchases, your payment will be limited to the total Recognized Claim Amount. For example, if your claim is for one engagement ring that cost $2,000, your Recognized Claim Amount is $640, which is the maximum payment that you would receive.

You have until May 19th, 2008 to make the claim. For more information go to DiamondsClassAction.com.

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