Verus Testimonials

Marc and I met to discuss his experience as trustee for two of the asbestos trusts for which Verus serves as the third-party administrator. Marc has worked with Verus for a dozen or so years, addressing the wide array of issues that regularly develop in the trusts he handles. In describing his interactions with Verus as a trustee, he noted that many of his responsibilities occur on a recurrent basis. He has come to rely on Verus for its reliability and responsiveness in preparing the reports and data that he needs to carry out the requirements outlined in his trusts’ distribution procedures and to function effectively as trustee. He noted a recent example in which, as a result of a payment percentage analysis in one of his trusts, he requested Verus to prepare an ad hoc report in order to determine to help inform his discussions with the Futures Representative and the Trust Advisory Committee. Verus’ team was able to quickly turn the report around, enabling Marc to perform the needed analysis. He emphasized that Verus has the facility and expertise to support him in his position as trustee. His partnership with us serves one of the critical functions in his overall management of the trusts.

Marc described Verus as reliable, professional and pleasant to work with. He appreciates the people with whom he has developed relationships and notes that Verus’ culture has been a key factor in making his work with the Verus team not only beneficial to his trusts, but enjoyable as well. Marc would not hesitate to recommend Verus for other services for which he thinks it would be well suited.

Marc values the relationships he has built with Verus’ team, and believes that Verus’; positive company culture has been instrumental in shaping its success. Marc’s trusts have benefitted from his interactions with both the team and the broader employee group, which further attests to the company’s cohesive and supportive environment. He confidently recommends Verus when opportunities arise for third-party administrators because he believes their expertise would be highly beneficial.

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Dave and I spoke at length about his experience with the restructuring, creation and management of settlement trusts and how he came to work with Verus.

Dave was with the Flintkote Company from 1998 through 2017, where he successfully developed and implemented the strategic plan for resolving the company’s mass tort asbestos liability through Chapter 11 524g restructuring and the creation of an asbestos claimants trust. He became aware of Verus while creating a joint venture claims processing business for which Verus would run the claims management end and do the claim analysis. He was impressed by both Dan Myer and Mark Eveland, particularly their entrepreneurial sensibilities.

In the course of his career, Dave has become aware of the regard with which law firms hold Verus. They respect us because we are pro-active, transparent, creative, accessible and unlike many competitors, non-bureaucratic. Firms note that Verus has “people you can actually talk to”.

Although the Flintkote project did not come to fruition, it instilled in Dave a regard for Verus. He stayed in touch and sought Verus’ services for his next trusteeship with the Oakfabco Trust. Dave had developed an expertise in smaller liquidating trusts and recognized that Verus would be a good fit – our pricing is competitive, which is particularly important when handling thinly-funded trusts that are highly cost-conscious. Verus’ awareness of these economic sensibilities allowed him to run these smaller trusts efficiently and our reputation for having an open-door policy provided for issues to be handled transparently and immediately with phone calls instead of lengthy emails.

Where Oakfabco was a more traditional asbestos trust, Frasier Boiler was more unusual with more stringent claims qualification thresholds and an unusual TDP. Many cClaims had been settled in advance of trust formation in mediation. Verus’ ability to think outside the box and anticipate challenges led to Dave and Verus designing the innovative solution of providing informal claims reviews to law firms before they filed their claims and running afoul of paying non-refundable $1000 per claim filing fees for non-compensable claims. Law firms felt they had been given a fair assessment even if the claim was ultimately denied. This is representative of the relationships that he and Verus have developed over a
number of years with members of the plaintiffs’ bar.

Dave’s next project is serving as Trustee for the Old Revco Trust. Because of the case’s high profile as the first cosmetic talc trust, Dave and Verus were aware of the heightened scrutiny this trust would receive. Extensive energy and resources have been spent between Dave and Verus to set up the trust in recognition of the fact that this is a new relatively new tort. with new damages, exposure and liability. They needed to be creative and accurate; after his extensive experience with Verus over the years we were his only logical choice. Given the nature and potential contentiousness of the case, there will likely be a lot of issues and they will need to continue their policy of thinking outside of the box to develop
creative solutions to novel problems.

To sum up, Dave feels that while Verus is great at managing traditional trusts, our real strengths lie in our collective intellectual horsepower, experience and abundance of common sense he sees employed for the benefit of both him as the trustees and the law firms and claimants seeking resolution of their claims.