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Where's My Settlement?

By Amy Davis

POSTED: Wednesday, June 24, 2009
UPDATED: 7:08 am CDT June 25, 2009

Several class action lawsuits could mean money in your pocket. But some KPRC Local 2 viewers asked investigative reporter Amy Davis if they will ever see their share of the cash.

When it comes to the family budget, Houston-area mother Shelly Fisher is not playing games. But she said she caught Bank of America doing some funny math in her bank account.

"I noticed that they charged me a $35 overdraft fee, but I had no negative balance," Fisher told Davis last year.

That type of business prompted a class action lawsuit against Bank of America.

The suit claims "Bank of America authorizes debit card transactions that will result in overdraft fees" and "posts debit card transactions in high-to-low order" so customers will incur more fees.

Bank of America has agreed to settle and just last week, a judge approved the settlement that calls for a $78 refund for every customer who filed a claim.

An attorney on the case told Local 2 if there are no appeals in the case within the next 60 days, you can expect a check around mid-October.

Many viewers filed a claim in the diamond class action lawsuit that accuses DeBeers, the largest supplier of rough diamonds in the world, of price fixing.

Arlene Yax e-mailed Davis, "I submitted my claim form, but have never heard anything more. Was this just some type of hoax?"

The suit is not a hoax, but diamond seller and appraiser Steven Silver said consumers won't get rich, if they get anything from this settlement.

"I think a lot of people will be very disappointed with what they're able to recover from this lawsuit," Silver told Davis.

Silver has read up on the suit. He estimates that someone who purchased a $2,000 diamond from any retailer within the 12-year time frame listed in the suit, saved all of their receipts and filed a claim, they may get about $16.

"The only people that are going to make out on this deal are the large, large, large diamond wholesalers that buy millions and millions of dollars from DeBeers diamonds," Silver said.

Several appeals have been filed in the diamond class action lawsuit. It could be months, maybe years, before any pay-outs are sent in that case.
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