Posted by Mike Smith :: March 21, 2008 @ 8:33 am

When large groups of people are exploited or otherwise taken advantage of illegally, the result is often a class action lawsuit. Instead of having each individual file a suit against the offending company, victims pool together and represent all who have been victimized. In many cases, joining the class gives you a share of any settlement received. The “power in numbers” philosophy, which has made Lending Club stronger and stronger as more people join its social lending network, also gives strength to the class.

With the sheer number of fraudulent practices used in the marketplace today, you may be eligible to join settlement classes without even realizing it. Two prominent suits that have made a lot of headlines lately involve diamonds and international travel.

The diamond case alleges that DeBeers monopolized the industry, fixed and raised prices, and issued misleading advertising. The suit claims that these actions led to higher costs for all consumers who purchased diamonds. If you purchased diamonds, from any retailer, between January 1994 and March of 2006, then you may be able to file a claim at this website: http://diamondsclassaction.com.

The international travel case alleges that Visa, MasterCard, and Diners Club cardholders were overcharged to make transactions in foreign currencies or with foreign merchants. The suit claims that the defendants conspired to set and conceal fees, typically 1-3% of the foreign transaction. If you had foreign transactions between February 1, 1996 and November 8, 2006 then you likely have already received a claim form in the mail. More information is available at this website: http://www.ccfsettlement.com.

These are just two examples, but you may be part of many more settlement classes. Eligibility and deciding whether or not to join a settlement class are personal decisions that should only be made with proper legal advice. If you receive notice of a class action lawsuit that you may be eligible for, it’s worth taking the time to read the information that you receive, so that you can make an informed decision about whether or not to participate.