Claims Administration and Distribution
Extensive Experience in Claims Administration and Distribution
In connection with administration of his duties as Receiver or Cayman Islands Co-Liquidator, and independently, Mr. Stenger and his Firm have developed focused expertise on the development, administration, verification, and distribution of claims processes, disgorgements and settlement funds. As a result, Stenger & Stenger has a staff in place that has been responsible for the administration of claims involving hundreds of millions of dollars and thousands of claimants.
Stenger & Stenger's expertise has permitted it both to assist claimants in establishing the legitimacy of appropriate claims (often a difficulty in "Ponzi" and other investment fraud matters), and in eliminating false or duplicative claims. Thus, as Settlement Administrator of the Bank of Bermuda settlement fund in the Cash 4 Titles Ponzi Scheme, Mr. Stenger eliminated over $95 million in overstated claims, thus significantly increasing monies available for distribution to legitimate claimants
Stenger & Stenger Claims Administration and Distribution Strategy
Stenger & Stenger's experience in claims administration and distribution permits it to:
Develop and implement appropriate claims and distribution procedures, tailored to the specifics of the case. This includes claims notification procedures, claims filing, verification and resolution, including development of Claims and Investor Response Forms, and appropriate opportunities for appeal, determination of distributive shares, and conduct of the actual distribution.
Create sophisticated databases, websites and other claims communications systems and procedures (including tailored "FAQs" and procedures for dealing with both "mass" communications and individual email and telephonic inquiries), including providing a staff of sympathetic "listeners."
Fulfill Tax reporting requirements, including administration of "Qualified Settlement Funds."
The experience of the Stenger & Stenger personnel in legal, tax and accounting matters permits Stenger & Stenger to conduct the entire claims process "in-house," thus reducing the unnecessary expense of outside consultants. In addition, experienced in-house skip tracers are available through the Firm's
Creditors' Rights and Collections
practice to assist in locating claimants.
Representative Claims Administrations
Stenger & Stenger has conducted Claims Administration and Distribution functions in numerous United States receiverships and Cayman Islands liquidations and as an independent Settlement Administrator. For more information, see
Representative Receiverships and Cayman Islands' Liquidations.