5 on Your Side

Diamond Buying Consumers Still Waiting for Lawsuit Pay-out

Posted May 3, 2010 11:45 a.m. EDT

Whether you bought a diamond ring, bracelet or necklace-- many of you filed claims in a $295 million dollar class action settlement against DeBeers. The settlement was approved in May of 2008. Some viewers have e-mailed asking about the status of the case and the claim pay-outs. It turns out that now-- almost two years later -- not one penny has been paid out!
The original suit claimed the diamond giant monopolized the industry, leaving consumers paying more then they should have for the jewels. An APPEAL was heard in January of this year. Attorneys argued the money should be distributed differently. There's no word on when the court will announce its decision. In the meantime, NO claims can be paid. One attorney tells us-- it could take YEARS to resolve! For more information on the case go to: https://diamondsclassaction.com

About this Blog:

In addition to the stories you see on TV, Monica is always looking for ways to help consumers find deals and avoid fraud. She'll blog about what you need to know here.