Wednesday, May 30, 2012

Debeers Diamond Settlement FINALLY close

If you have been following my blog for a long, long time, you would remember that we let those of you who purchased diamonds, at a particular time, know that you might be due a refund from Debeers.  Well 4 years later this is almost done....
1) Initial trial outcome:
The Fairness Hearing was held on April 14, 2008, and the District Court approved the Settlement on May 27, 2008.
2) Appeals begin:
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granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect.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.
3) Decision rendered:
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.