Qualified Settlement Funds (also known as 468B Trusts) are common, helpful tools in mass tort litigation. All stakeholders in a mass tort, including the presiding Court, and counsel on both sides, need assurance that QSF Administration is competent in major administrative functions. This is where Providio shines.1

Experience

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.

Ronald E. Johnson, Sr., Esq. | Partner, Schachter Hendy & Johnson We elected to use Providio as our lien resolution administrator and QSF administrator for the Cochlear Ear Implant settlement which involved primarily minors. With settlements involving minors there are always a lot of moving pieces so accuracy is paramount and, of course, efficiency is important in all settlement projects. Having practiced in the mass tort arena for a long time, I can tell you that my colleagues and I have been blown away with the service and overall experience we’ve had with Providio. They have been outstanding to work with in both the lien and QSF areas. In particular, their QSF administration team has been excellent. They have coordinated nimbly with structured settlement consultants, special needs trust administrators and attorneys, guardian ad litems, ourselves and the Court. Their reporting ties out to the penny and we are able to get disbursements very quickly due to their efficient and thorough quality control processes. We have recommended Providio for both lien resolution and QSF administration to a number of other firms nationwide for both single event and mass tort work. We are very happy they are on our team.
Andrew F. Sullo, Esq. | Partner, Sullo & Sullo When I recognized the need for a QSF in the DePuy ASR matter, my structured settlement consultant suggested I speak with Providio. After speaking with their President Ginger Susman I was confident they could do a great job for me. I needed them to move very quickly as the funds were ready to disburse and they came through for me. They moved rapidly, kept me constantly updated on the various steps as they were occurring and had everything ready in time. Since then everything has continued to move smoothly with Providio. Their QSF team is very friendly and responsive, their reports are easy to understand, and their disbursement request-review-funds transfer process is clear and concise. Bottom line, they make things easy for my firm.
Michael Goetz, Esq. | Partner, Morgan & Morgan We have used Providio for a number of mass tort projects and have been extremely happy. We were particularly pleased with the lien resolution and QSF administration work performed for us in Yaz. The professionals we worked with at Providio were very communicative and helped us gauge the lien resolution progress at all times, which was vital in managing client expectations. Providio also dealt with tricky private lien situations in a more solutions-oriented approach as compared to other lien resolution administrators. On the QSF side, the distribution process was excellent. Providio was very thorough in its quality control and accounting, and couldn't have been more responsive to our requests (including taking our calls and processing distribution requests after hours and on weekends).