Intro

IF YOU BOUGHT

a diamond or made a credit card purchase while traveling abroad in the past decade or so, then you may have a shot at reaping a three-figure payoff. But you'll have to act fast and be prepared to fill out some paperwork.

Filing periods for two far-reaching class-action cases settled in 2006 one against credit card brands Visa, MasterCard and Diner's Club and their card-issuing banks; the other against diamond company DeBeers come to a close this month. According to one of the suits, between 1996 and 2006, credit card issuers didn't fully disclose the fees they charged for purchases in a foreign currency. (These so-called foreign transaction fees can tack on another 4% to the cost of a purchase, depending on the issuer.) All defendants deny wrongdoing and the case was settled for $336 million. The suit against DeBeers alleged that, between 1994 and 2006, it used its position as one of the world's largest suppliers to fix market prices and overcharge customers. DeBeers, which denies any wrongdoing, settled the case for $295 million.

The settlements cover those who either made a credit card purchase abroad or bought a diamond during the specified time periods. "In many respects, it's found money," says Edgar Dworsky, founder of consumer advocacy site ConsumerWorld.org. "The basis of these suits is that you overpaid, so why not try to get something back? You have absolutely nothing to lose."

But don't expect a check in the mail next week or, for that matter, any time before 2009, explains David Langer, an attorney with Philadelphia law firm Berger & Montague, one of several handling the credit card settlement on behalf of consumers. The defendants may well appeal after claims have been tallied, he says. And even if they don't seek an appeal, it takes time for claims administrators to review and confirm individual consumer claims, says Joseph Tabacco, managing partner at San Francisco-based law firm Berman DeValerio Pease Tabacco Burt & Pucillo, one of several handling the diamond settlement on behalf of consumers and retailers. Those who file should have supporting documentation, such as credit card statements or diamond appraisals, on hand.

Here's how to claim the cash:

Credit Cards

Deadline:

May 30, 2008.

Eligibility: Payouts are for those who made at least one purchase abroad using a Visa, MasterCard or Diner's Club credit or debit card issued by a major American bank between Feb. 1, 1996, and Nov. 8, 2006. (Firms handling the case mailed 30 million packets to likely claimants, but filing is not restricted to these consumers.) A separate suit is pending against American Express; those cards are not eligible.

Expected Payout: $25 and up, depending on which filing option is chosen. There's no compensation cap.

Filing Procedure: File online at CCFSettlement.com, or print out a form and mail it. There are three filing options. The more detail you provide, the more reimbursement you're entitled to:

Option 1:

File a simple four-section form for a flat $25 refund.

Provide basic travel detail total days spent abroad and purpose of the trips for a pro-rated per-day refund. Claims administrators use an algorithm to calculate your total, assuming the minimum 1% foreign transaction fee and typical spending patterns for the type of trip specified.

Option 2:

Detail specific travel expenses for your trips in order to receive exact recompense for the foreign transaction fees. (Don't have records from that far back? You can petition your credit card issuer to obtain free electronic statements from the period of your trip, if available.)

Option 3:

How to Claim the Cash

Paperwork Needed:

Consumers who received a mailed filing packet can enter their unique claim number to avoid providing any personal information for Options 1 and 2. Otherwise, you'll need to provide one eligible credit card number as documentation for Option 2. Consumers filing under Option 3 must provide all eligible account numbers, and be prepared to send statements to prove individual transactions took place.

Diamonds

Deadline:

May 19, 2008.

Eligibility: For those who bought at lease one piece of jewelry with a diamond in it between Jan. 1, 1994, and March 31, 2006. It's not necessary that the jewelry be from DeBeers or one of its subsidiaries.

Expected Payout: Anywhere from $10 to $640, depending on the type of diamond jewelry and its purchase price. Loose diamonds, for example, are eligible for a refund of up to 59% of the retail price. The reimbursement is for diamonds only, not the gold or other gemstones included. If the pro-rated refund you're entitled to is less than $10, you won't receive any settlement money.

There is a catch: The amount the claim estimates you're entitled to isn't necessarily what you'll get, says Tabacco. The $135 million settlement portion earmarked for consumers is set, so your cut depends on the number and nature of the other claims. The more people to file a claim, the less you're likely to get.

Filing Procedure: File online at DiamondsClassAction.com, or print out a form and mail it in.

Paperwork Needed: None for purchases totaling less than $10,000, although you must be prepared to provide a receipt at a later time. Claims involving purchases valued at $10,000 or more must include appraisal documentation of its value.

Also see:

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