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T
he richest person in the Entertainment Indus- asset providing unique tax benefits to claimants and
try, David Geffen, once said, “It’s the perfect defendants alike.
definition of a settlement – both parties
didn’t get what they wanted.” Fortunately, Quali-
fied Settlement Funds (“QSFs”) allow a claimant or LEGISLATIVE HISTORY
claimants involved in a legal dispute to avoid such a The framework for the QSF was created by Congress
result. QSFs were established to enable claimants and in 1986 when Tax Reform Act1 added Section 468B
defendants to determine how and when settlement to the Internal Revenue Code.
funds are taxed and deductions obtained. Further, Section 468B regulates the establishment and
they are a valuable settlement tool whereby claim- administration of Designated Settlement Funds or
ants can address critical settlement-related issues
without the stress of settlement negotiations, because 1
PL 99-514.
they release defendants from alleged tort (or other)
liability through the doctrine of novation. QSFs,
therefore, are both a useful settlement tool and the Year” in Ohio for 2003. He was nominated by his
peers and selected as an Ohio Super Lawyer – Rising
Star in 2005 and 2006. His work was featured in the
Matthew L. Garretson is the founding partner of The LA Times in January of 2005. Peter H. Wayne, IV
Garretson Law Firm which provides mass tort/class earned his undergrad degree in Finance from Miami
action settlement allocation and fund administration University in Ohio and his JD at the Salmon P. Chase
services. The firm also handles Medicare / Medicaid College of Law. While in Law School, Peter worked
reimbursement claims, government benefit preservation for the Garretson Law Firm, LLC in Cincinnati, Ohio
strategies, and probate administration for individual managing the Qualified Settlement Fund Administration
and mass tort plaintiffs. Mr. Garretson received his BA practice and providing counsel in tax advisory,
from Yale University and his law degree at Kentucky’s government benefit preservation and health lien
Salmon P. Chase College of Law and has served resolution. Following his graduation he returned home
as the special master or administrator of settlement to Louisville, Kentucky to open a regional office for the
funds throughout the country. His role in numerous Garretson Law Firm, LLC, enabling the firm to better
high profile church-related sexual abuse and civil serve their Kentucky and Southeastern clients. Mr.
rights settlements (including the historic Cincinnati Wayne is also a Kentucky-licensed settlement planning
police brutality/racial profiling settlement) led to his consultant. The Garretsonfirm web address is www.
selection by Lawyers Weekly as 1 of 5 “Lawyers of garretsonfirm.com.