What that table let's you know is your "recognized claim amount" (RCA). So if you bought a $5,000 piece of diamond jewelry, your RCA is $5,000*90%=$4,500. This is the most you could possibly get back. Only $135,432,500 of the settlement is available to consumers. If consumers in total file claims for $450 million, then you will only get $4500/450000000=0.001% of the available $135 million, or $135. If there are claims for $4.5 billion, then you will only get $13 back. And according to Wikipedia, in 2002 there were $57 billion dollars in jewelry sales, so you will likely not get that much back. Assuming a flat $50 billion/year for the 12 year time frame, we're talking $600 billion in jewelry sales, or perhaps $300 billion in potential claims. If a paltry 1% actually file claims, then you'd expect to get about $2 back. But wait, you must be eligible for at least $10, otherwise you get jack.
No doubt, apply for the settlement, but don't get your hopes up of a big check.
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You likely won't get back 90% ....
Submitted by Josh on January 16, 2008 - 12:35.
What that table let's you know is your "recognized claim amount" (RCA). So if you bought a $5,000 piece of diamond jewelry, your RCA is $5,000*90%=$4,500. This is the most you could possibly get back. Only $135,432,500 of the settlement is available to consumers. If consumers in total file claims for $450 million, then you will only get $4500/450000000=0.001% of the available $135 million, or $135. If there are claims for $4.5 billion, then you will only get $13 back. And according to Wikipedia, in 2002 there were $57 billion dollars in jewelry sales, so you will likely not get that much back. Assuming a flat $50 billion/year for the 12 year time frame, we're talking $600 billion in jewelry sales, or perhaps $300 billion in potential claims. If a paltry 1% actually file claims, then you'd expect to get about $2 back. But wait, you must be eligible for at least $10, otherwise you get jack.
No doubt, apply for the settlement, but don't get your hopes up of a big check.