Due Diligence "Trust"
William Rothrock, CSSC
I specialize in medical malpractice cases involving birth injuries, offering tailored solutions for clients and their attorneys using my extensive knowledge in trusts, finance, and structured settlements.
In light of recent developments in the settlement industry, it is crucial to reconsider the concept of due diligence, especially concerning the use of trust. Both legal and financial due diligence involve carefully investigating and analyzing the background of the individual or company under consideration. Failing to fulfill this fiduciary duty can result in unfavorable outcomes for clients.
Engaging a settlement consultant without adequate financial education and institutional and trust experience poses a significant liability risk. I strongly advise thoroughly reviewing the biography of your settlement consultant, focusing on their education and experience in institutional financial services.
Recent legal actions against 'The Center for Special Needs Trust Administration' and 'Synergy Settlement Services, Inc.' underscore the importance of due diligence when selecting a settlement professional for your client. Are there other vertically integrated settlement firms with trust offices that have not yet been exposed?
During my first National Structured Settlements Trade Association (NSSTA) meeting in 2000, I cautioned my colleagues about the perils of integrating trust services with the settlement industry. Regrettably, my warning was disregarded, leading to detrimental consequences for our society's most vulnerable members. I sincerely hope that this warning resonates with a more receptive audience."
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