Settlement Fund Administrator
Hoffman Clark provides settlement fund administrator and class action claims administrator expertise for class action settlements. Our approach to settlement fund management and class action claims administration is based upon accurate claims processing procedures and sound accounting practices.
Mass Tort Fund Trustee
Hoffman Clark has been engaged as a fiduciary and Court designated settlement Administrator responsible for managing and overseeing mass tort claims processing and serving as Trustee for Qualified Settlement Fund (QSF) assets. We strive to deliver our settlement fund services in a cost-effective and responsive manner. Our trust services are outlined below.
Qualified Settlement Fund Administrator
- Assist in settlement negotiations
- Establish Qualified Settlement Fund accounts
- Facilitate communication between constituents
- Monitor funds during the term of the Qualified Settlement Fund
- Collect funds and process requests for payment
- Maintain appropriate books, records and documents
- Conclude the fund’s affairs and submit final accounting
A Qualified Settlement Fund (QSF), established pursuant to Internal Revenue Code §468B, is a fund, account, or trust that is established by court order to hold settlement proceeds. A QSF can be a valuable settlement planning tool for plaintiff(s) and claimants.
Settlement Fund Accounting Services
- Accounting for Qualified Settlement Fund income and expenses
- Receipt of funds, invoicing and recordkeeping for cash receipts
- Secure check and positive pay quality assurance
- Preparation of disbursement and reconciliation of distribution amounts
- Payment of amounts due and recordkeeping for fund transactions
- Tracking/documenting reserves established, spent and available
- Preparation of financial statements
- Manage and monitor financial accounts
Settlement Fund Tax Services
- Manage tax planning and compliance procedures
- Acquisition of Qualified Settlement Fund (QSF) tax identification number
- Prepare and file income tax returns
- Contributions and distributions of property treatment
- Quarterly estimated payments
- Representation before taxing authorities
Defendant(s) may benefit from establishing a QSF by receiving an immediate tax deduction for the payment of the settlement.