Program Update

In late September of 2007, the Exxon Qualified Settlement Fund, sent out a letter to claimants who have or may have viable claims that addressed several issues pertaining to a potential punitive damage distribution.

The letter contains six color coded exhibits, each addressing a separate matter.

Exhibit A is an address update card.

Exhibit B is a tan colored form, is an authorization for direct deposit. You can read more about our direct deposit program here.

Exhibit C in green, lists current lien activity against a claimant's proceeds. You would have received this exhibit only if a third party has claimed interest in your proceeds or the right to payment of them.

Exhibit D is the blue sheet providing probate and deceased claimant information. Sadly, we estimate that approximately 8000 claimants with approved claims have died. However, survivors of only half that number have notified the EQSF of a claimant's death. For more information on estates, click here.

Exhibit E in yellow, is a letter from lead plaintiffs' counsel Dave Oesting of Davis Wright Tremaine.

Exhibit F in purple, is information the IRS asked us to pass along to claimants regarding the taxability of punitive damages. You can review a copy of the IRS's letter here. Please note that the EQSF cannot provide tax advice, particularly regarding specific tax consequences to an individual claimant. Claimants are strongly encouraged to consult their own professional tax, accounting, and legal advisors in this matter.

The EQSF Administrator is permitted to arrange for voluntary withholding to recipients who indicate their interest by completing the enclosed form, "Authorization for Estimated Tax Payment to IRS."

Claimants have the option of specifying a percentage of the proceeds or a dollar amount. If you have already completed a Voluntary Withholding form and wish to cancel or modify it, you must notify the EQSF Administrator in writing to afford the EQSF Administrator not less than thirty (30) days to act on any change.

You can find a copy of the voluntary withholding form here (PDF, 10KB).