Once a lawsuit settles or reaches a verdict, the terms of settlement must be honored to the most rigorous standards. This often means collecting qualified settlement funds and organizing and distributing those funds according to court instructions. This can prove to be not only difficult but can consume your law firm's valuable time and resources. However, there may be a more time and expense-efficient way to handle settlement funding, maintenance, and distribution. Hire a qualified settlement fund (QSF) administrator.
Selecting a QSF administrator may be a law firm's most important decision. Any mismanagement of settlement funds could result in hefty fines, censure, or irreparable damage to your firm's reputation. Avoid this fallout with QSF administration by ARCHER. Our company is committed to accuracy, accountability, and transparency every step of the way.
Our expert qualified settlement fund services include:
- Preparing all motions, court orders, and documents needed to establish and administer the fund in accordance with the Master Settlement Agreement.
- Obtaining a qualified settlement fund tax ID and opening a certified FDIC-insured bank account(s).
- Providing complete treasury management, including fraud protection and investment of funds within the QSF, keeping funds secure with a focus on principal preservation.
- Inspecting materials and coordinating with relevant parties to ensure proper disbursement of funds once disbursements are eligible.
- Preparing and filing 1120-SF tax returns and estimated quarterly tax obligations, conducting regular audits, and handling documentation and filings upon conclusion of the settlement.
- Reporting QSF balances to the Court and other parties as needed.
- Executing qualified assignments in connection with structured settlements and/or special needs trusts.
Timely and accurate disbursements are crucial to the overall success of a settlement. However, that success requires resources that can quickly drain a law firm’s already inundated operations and accounting departments. Our proprietary technology streamlines the QSF process, equipping us to expertly handle both gross payments to law firms as well as individualized claimant closing statements/ledgers as well as disbursements to the individual claimants, all with pinpoint accuracy.
You’ve done the heavy lifting—we’ll help you get the settlement across the finish line. Contact ARCHER as early as possible to ensure QSF program success.