This article was provided by Milestone. To learn more about Milestone, please visit their website https://milestoneseventh.com/.
With the many moving parts inherent to a mass tort settlement, a qualified settlement fund (QSF) is the means of getting to the finish line as smoothly as possible. But there’s one important detail that often gets overlooked.
Mass tort attorneys do not have to utilize the global QSF administrator appointed in the Master Settlement Agreement. They can choose their preferred administration company to handle disbursement of their clients’ funds and their contingency fees. They’ll get stronger coordination, communication, and accountability throughout settlement.
The power of this decision is important. By selecting an independent QSF administrator, attorneys gain access to an accounting team acutely responsible for the correct and timely distribution of funds. This administrator can tailor specific service offerings to fit the needs of the firm – contrasting the global admin’s one-size-fits-all approach to the entire settlement disbursement.
There’s also the next step of settlement planning for the plaintiffs and their attorneys. The global QSF administrator, which is often also the lien resolution administrator, typically cannot advise lawyers on their fee deferral options or plaintiffs on their settlement planning needs. By working with a dedicated QSF administrator that focuses on settlement, law firms can consider fee deferral and connect their clients with settlement planning experts who can help them protect and grow their funds, preserve their government benefits, and secure their financial futures.
If you represent mass tort clients and you’ve always relied on the administrator appointed in the MSA, consider choosing your own QSF admin for the next litigation.
