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The never-ending DeBeers Lawsuit is over

Madam Bijoux

Ideal_Rock
Premium
Joined
Jul 15, 2005
Messages
5,379
I might get my 15 cents after all:

The Fairness Hearing was held on April 14, 2008, and the District Court approved the Settlement on May 27, 2008. 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granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect.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. 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.
 

Dee*Jay

Super_Ideal_Rock
Premium
Joined
Mar 26, 2006
Messages
15,104
Woo hoo! I actually came across the paperwork over the weekend while I was cleaning out my offic and wondered whatever happened with this. And Madam, if you're getting 15 cents, I'm probably getting about 2...
 

ame

Super_Ideal_Rock
Joined
Jul 7, 2004
Messages
10,869
I somehow see myself ending up owing lolol I don't expect even a cent. And I still don't believe it's really over.
 

Upgradable

Ideal_Rock
Joined
Aug 15, 2004
Messages
5,537
I wonder how many people on PS actually got in on the suit? Maybe we can pool our money and buy a pack of gum.
 

Imdanny

Ideal_Rock
Joined
Jan 21, 2008
Messages
6,186
So those stories were grew up with about DeBeers artificially restricting supply and inflating prices were true? :confused:
 

MichelleCarmen

Super_Ideal_Rock
Joined
Feb 8, 2003
Messages
15,880
Upgradable|1338309771|3205552 said:
I wonder how many people on PS actually got in on the suit? Maybe we can pool our money and buy a pack of gum.

I bet a lot of people participated because someone posted about it during the period when a person could file a claim.
 

Skippy123

Super_Ideal_Rock
Joined
Nov 24, 2006
Messages
24,300
MC|1338314993|3205624 said:
Upgradable|1338309771|3205552 said:
I wonder how many people on PS actually got in on the suit? Maybe we can pool our money and buy a pack of gum.

I bet a lot of people participated because someone posted about it during the period when a person could file a claim.

I agree! thanks Madam for posting that info!
 

AprilBaby

Super_Ideal_Rock
Premium
Joined
Jul 17, 2008
Messages
13,234
Can't wait to get my dime!!!
 

CaprineSun

Brilliant_Rock
Joined
Sep 30, 2010
Messages
579
What was the lawsuit about exactly?
 

ariel144

Ideal_Rock
Joined
Jan 21, 2006
Messages
2,087
All i can say is: "finally", but not expecting any money of consequence...what a racket!

Saw a video from the 1950's on PBS special on the DeBeers diamond cartel...they were bulldozing mountains of diamonds in Africa. Diamonds are not rare...they created the market through movies etc..."diamonds are a girl's best friend" ...but DeBeers is NOT your friend.
 
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