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September 2011

DeBeers Lawsuit Moves Forward

The Jewelers Vigilance Committee has been notified that the En Banc Panel of the Court of Appeals of the Third Circuit issued its decision on the DeBeers class action law suit, affirming the class certification and overturning the previous decision of the three judge panel denying class certification. Barring any further appeals to the Supreme Court, this decision permits the payment of claims to move forward.

The period of time for the filing of claims by members of the class has expired. Payment to members of the class who previously filed their documented proof of claim is an administrative process that can take a year or more. If the case is again appealed, however, this administrative process could be further delayed.

The appellants now have 14 days to seek a rehearing, and can also apply for the case to be heard at the U.S. Supreme Court. Either of those steps, if taken, could also have the effect of substantially delaying payment of claims.
AT: 12/29/2011 10:46:27 AM   LINK TO THIS NEWSLETTER
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