When executing their function, QSF Administrators depend on three important factors: accuracy, accountability, and efficiency. That's why it's good that Providio's clients rate us best-in-class in all three categories. Our administrators are experienced in every major aspect of the establishment and execution of a trust–from the establishment of provisions within the Master Settlement Agreement to the quick, efficient handling of all disbursement requests. This quality service sets Providio apart:
- Provisions: We assist in the drafting and review of related provisions in the Master Settlement Agreement, as well as assisting in drafting escrow provisions relevant to establishing the QSF and allowing for disbursements.
- Motions: We assist in drafting appropriate Court motions to establish the QSF, we then establish the 468B QSF trust as a legal entity, obtain an EIN number for it and set-up the bank account.
- Participants: We receive requests from participating firms for QSF disbursement and will consider these in connection with the terms of the MSA, Escrow Agreement (if applicable) and any applicable Court orders.
- Disbursement: When any disbursement requests are made, we review materials from and coordinate with relevant parties (including all participating firms, claims administrators, and special masters) to ensure the proper disbursement of funds.
- Taxation: We file tax returns (including the final return), audits and necessary documentation for the QSF to ensure the responsible and efficient wind-down and ultimate closure of a QSF trust.
We have provided QSF services for such projects as Stryker Rejuvenate, Pradaxa, Wright Hip, Granuflo, numerous TVM inventories with various manufacturers, Yaz, NHL Concussions, Tylenol and more.
Execution and Reporting
In addition, QSF Administrators from Providio will coordinate with the depository bank or escrow agent on QSF deposits and disbursements to eligible stakeholders — including claimants, third party assignees for structured annuities, and lien holders — per the Master Settlement Agreement. This coordination also includes payment of common-benefit and attorney fees.
Providio will also supply reports to all stakeholders as required by the Master Settlement Agreement or Escrow Agreement. This includes delineation of sub accounts, different firms within broader projects, and individual claimants represented by different firms. We can also supply quarterly reports generated by matter or firm to the participating firms, individual defendants and the Court as required.
1 Providio acts as QSF Administrator for 468B trusts with multiple claimants only and does not endorse, in any way, the use of single-claimant 468B trusts.