About Us
Precision Settlement Services is a collaboration of technology-minded individuals who specialize in Qualified Settlement Fund Administration for Mass Tort Settlements. We understand the potential challenges and payment complexities which can occur in the time between a settlement verdict and a claimant receiving their funds and a law firm receiving their fees & expenses and how to efficiently and properly navigate through them.
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We maintain a client-centric perspective throughout the entire post settlement timeline from assisting with the Defense approval process specific to each MDL, to understanding the MSA terms for the disbursement of funds to claimants, firms, lien holders, and venders, to providing comprehensive reporting and balances.
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Our experience in advancing thousands of cases from funding to cleared payment in numerous torts guides us to evaluating efficient and cost effective disbursement processes tailored to your specific docket.
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Precision offers personalized, white glove service to law firms and claimants to satisfy the unique needs of their mass tort settlement. By employing innovative and efficient processes for the entire payment distribution cycle, Precision is able to offer services at no out pocket costs for both law firms and claimants.
Who We Serve
U.S. Law Firms
Distributions from mass tort settlements can face incredibly complex payment complexities, frequently lasting years until all funds are fully disbursed. The stakes are great, the issues are complicated, and the time pressure can be intense.
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Precision's team understands the demands of the law firm as well as cost and resource constraints involved in high volume payment processing and funds managing. ​Our services work seamlessly with our client law firms to provide services as part of an integrated effort.
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Engagement:
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Law firms engage us to manage the entire distribution process that may be outside of their practice areas.
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Law firms also may engage us as they may have in house processing in operation, however simply need additional boots on the ground or skilled support to handle the volume of payments.
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Other firms who are looking to grow their mass tort division also trust Precision to handle the Treasury and Accounting related facets of distributions while they focus their resources on growing their claimant inventory.
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Precision's team has worked with many established and growing law firms to effective handle their QSF Administration needs for torts including Roundup, Hip Replacements, Invokana, Transvaginal Mesh, Hernia Mesh, Risperdal, Actos, and AMS.
Mass Tort Solutions
Qualified Settlement Fund Administration
Often when cases are settled at high volume, the burden of properly allocating, managing, and disbursing funds through an extended period of time may become resource and cost extensive for a law firm. Enter Precision, who offers a complete array of services to properly manage and administer settlement proceeds with no out of pocket costs for law firms or claimants.
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Prior to claimants being paid out, the experts at Precision coordinate with all parties involved to account for bankruptcies, probates, medical lien resolution, third party liens, special masters and ethicists, etc. These figures are calculated and communicated to the law firm prior to disbursement to ensure satisfaction of the law firm and the claimant. Precision also reviews the funding instructions from the Defense to properly develop realistic payment timelines as well as any blockers preventing distribution and assistance on resolving them.
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Our Essential services provide a quick setup of the QSF accounts while the Comprehensive service is our highest tier offering thorough management of funds with support for claimants and law firms.
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Services
Precision offers a suite of services to tailer to the different needs of each firm and settlement.
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Our goal is to properly take the settlement from the Defense approval stage to fully disbursing awards to claimants and fees & expenses to law firms.
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To accomplish this, our workflow can begin as early as when you have the claimant inventory for your settlement.
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The team at Precision works with your firm and other parties involved in the settlement to properly:
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Set up and fund the QSF.
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Coordinate Defense approvals and identify payment schedules.
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Identify and gather critical deductions which may need to be accounted for such as bankruptcy scrubbing, probate resolution, medical lien resolution, any Special Master fees, Ethicists, etc.
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Perform calculations to properly identify Net disbursement amounts to claimants, fees for attorneys, and other parties involved in the settlement.
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Proper disbursements to claimants, attorneys, referral firms, bankruptcy trustees, 3rd party liens, and other vendors.
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Closure of the QSF
QSF Admin Services
Our Essential services provide a quick setup of the QSF accounts while the Comprehensive service is our highest tier offering thorough management of funds with support for claimants and law firms.
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If anything additional is needed, let us know and we can accommodate.
Essential
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Reviewing and charting any necessary provisions related to QSF Administration and disbursements into the Master Settlement Agreement and other applicable Releases/Agreements.
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Establishment of the Qualified Settlement Fund including obtaining Federal Tax IDs
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Opening of FDIC Insured bank accounts related to the QSF
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Collaboration and gathering of data related to bankruptcy, probate, medical lien resolution, etc.
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Enhanced fraud protection services for payment distributions
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Preparation and filing of applicable QSF taxes
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Closure of QSF upon full and final distribution of funds and satisfaction of all obligations
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Standard
Includes all Essential items
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Claimant Payments
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Lump sum of proceeds sent to law firm for further distribution
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Further distribution of any EIF, ProRata, or subsequent payments
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Attorney Fee & Expense Payments
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Lump sum of proceeds sent to law firm for further distribution
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Other Disbursements
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Disbursements of medical lien payments
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Disbursements of MDL related court costs, if necessary
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Reporting
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Active reporting on current balances at the account and claimant level
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Comprehensive
Includes all Essential items
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Claimant Payments
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Drafting and distribution of detailed closing statements to each claimant
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Collection and execution of signed closing statements
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Disbursements of payments to individual Claimants
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Active reporting on payment status with tracking and cleared payment information
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Further distribution of any EIF, Pro-Rata, or subsequent payments
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Attorney Fee & Expense Payments
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Itemization of primary and referring firm fees & expense data on the closing statements
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Disbursements of fees & expense payments to Primary law firms
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Disbursements of fees & expense payments to any referral law Firms
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Creation of any preferred sub accounts for fee collection
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Assistance on fee deferral options
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Active reporting on payment status and outstanding balances
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Other Disbursements
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Disbursements of medical lien payments
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Disbursements of MDL related court costs, if necessary
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Disbursements to third party vendors (3rd party liens, special master, ethicist, etc.)
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Reporting
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Active reporting on current balances at the account and claimant level
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Active reporting on distributed, cleared, and outstanding payments
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Why Choose Precision
Exceptional Quality
White Glove Service
24/7 Support
No Upfront Costs for
Firms and Claimants
Advanced Technology
Timely Reporting & Analytics
Dedicated Team of
Subject Matter Experts
CONTACT US
Located in Dallas, Texas
For any general inquiries, please fill in the following contact form:
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