J.T. Thorpe Site/Ship List Updates
Modifications to the J.T. Thorpe Site and Ship lists were approved at the November 12, 2008 Trustees’ meeting. The applicable lists have been updated and are available in the claim packet section. Please review and print the current list(s), which includes a modification column for reference purposes.
J.T. Thorpe Payment Percentage
The J.T. Thorpe Settlement Trust recently reviewed its predicted indemnity based upon claims that have been filed with the Trust, and compared that to the Trust forecast of claims, to test the efficacy of the 50% payment percentage that was put in place upon commencement of the Trust. After much discussion, and in accordance with the provisions of the Trust Distribution Procedures, the Trust has proposed to reduce the payment percentage to forty percent (40%) pending outcomes of a more definitive study of what volume of claims the Trust can expect to receive in the future.
This reduction will give the Trust an opportunity to have an expert review all the data available and determine if the payment percentage needs to be adjusted. It is anticipated that the review will be done by spring 2009. The Trust will then make a decision about the payment percentage and notify you. If as a result of this process the payment percentage is adjusted to a level above 40% the difference between the amount previously received and the amount due under the revised payment percentage will be remitted to you at that time.
Offer and Release Documents
The J.T. Thorpe Settlement Trust is considering revisions to the form of offer letter and release for which the Trust has not received a signed release as of 2:00 p.m. today, November 24, 2008. Pending offers relating to these claims are hereby withdrawn and will be subject to a new form of offer letter which you should receive in the near future.
J.T. Thorpe Site/Ship List Updates/New Electronic Claim Template (ECT)
Modifications to the J.T. Thorpe Site and Ship lists were approved at the June 18, 2008 Trustees’ meeting. The applicable lists have been updated and are available in the claim packet section. Please review and print the current list(s), which includes a modification column for reference purposes. The Electronic Claim Template (“ECT”) has been updated to include the new information, please utilize this new template.
Filing Fee Reminder
The Trust requires a $250.00 filing fee for each claim submitted to the Trust. When the claim is paid, the Trust refunds the filing fee. If the filing fee was paid by the claimant, one hundred percent of the fee must be returned to the claimant.
The Trust is sending this reminder regarding the attorneys’ fees. The Trust Distribution Procedures (TDP) Section 8.4 states,
Attorneys’ fees payable in connection with Trust claims paid through this TDP, whether based on hourly rates or where calculated as a percentage of recovery, shall be the lower of the fee provided in the contract between claimant and counsel or 25% of the recovery, exclusive of costs chargeable to the claimant, which costs shall be deducted from the gross amount paid before computation of fees. This recovery shall be measured by the actual payments from the Trust to the claimant, not the liquidated value of the claim. Legal fees shall be paid as payment to claimants are made by the Trust.
2008 INFLATION ADJUSTMENT
All claim payments made in 2008 shall be increased by 4.3 percent to account for inflation. If you or your client has already received a payment in 2008, you will be receiving the additional amount before June 30, 2008.