Meyers et al v. Cincinnati Board Of Education et al
Filing
97
ORDER Establishing Qualified Settlement Fund and Appointing Fund Administrator. Signed by Judge Timothy S. Black on 6/8/2021. (rrs)
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF OHIO
WESTERN DIVISION
KAREN MEYERS,
as·Administratrix of the·Estate of
GABRIEL TAYE et al,·Plaintiffs,
vs.· ·
V.vsvs.
CINCINNATI BOARD OF
EDUCATION, et al.,· · ·
·Defendants
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Case No. Ohio No. 1:17-cv-521na
JUDGE TIMOTHY S. BLACK
ORDER ESTABLISHING
QUALIFIED SETTLEMENT
FUND AND APPOINTING
FUND ADMINISTRATOR
For good cause shown, the Joint Petition and Application to Establish Qualified
Settlement Fund and appoint Fund Administrator is granted. It is hereby ordered that:
1. The Gabriel Benyam Taye Qualified Settlement Fund (‘Fund”) is established
as a Qualified Settlement Fund within the meaning of Treasury Regulation
1.468B-1.
2. The Court shall accept jurisdiction over the non-monetary terms of the settlement
agreement attached to the petition as part of its assumption of jurisdiction over the
Qualified Settlement Fund.
3. Karen D. Meyers, MBA/JD, MEd, CPCU, CLU, FLMI, CSSC, MSSC of K.D.
Meyers & Associates, PSC, 2651 Observatory Avenue, Cincinnati, Ohio 45208, is
appointed as Administrator of said Fund.
4. Any monies received in settlement of this matter shall be held in said Fund under
the terms of the aforementioned Petition until an Entry Ordering Distribution of
said Funds (‘Order”) is obtained from the Probate Court of Hamilton County,
Ohio as to survival and wrongful death claims and filed with this Court.
5.
The name and address of the Financial Institution(s) receiving the funds in this
matter shall be filed with the Court at least five days prior to the deposit of said
funds.
6. The Financial Institution in which the monies are deposited shall be noticed by
certified mail, regular mail and personally by the Qualified Fund Administrator
that no monies may be distributed to any party at any time without an allocation
hearing and a filing of an Order from the Probate Court of Hamilton County, Ohio
authorizing the distribution of the survival and wrongful death claims and
associated costs and fees. A receipt of funds by said Financial Institution shall be
filed with this Court no later than 72 business hours after the funds are received.
Copies of said Notice shall be filed with this Court the day in which said Notice
is placed into the United States Postal Mail System.
7. Any and all monies received in settlement of this matter are to be placed in United
States Government paper, funds holding only United States government paper,
Certificates of Deposit subject to the Federal Deposit Insurance Corporation, or
like financial instruments and may not be distributed from the Fund under any
circumstances without an Order from the Probate Court of Hamilton County,
Ohio on the survival and wrongful death claims and a filing of said Order with
this Court as denoted above.
8. Given the reasons stated in paragraphs 5, 6, and 7 of this Order and the fact that a
Bond would reduce the monies available to the ultimate distributees/court-ordered
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recipients, no Bond shall be required in this matter as has been the past practice of
this Court under like circumstances.
9. The Fund is authorized to enter into Agreements, including full and final releases
of the Fund, with appropriate persons, including the use of settlements with
periodic payments upon obtaining any necessary orders from the Probate Court.
10. The Fund is authorized to effect qualified assignments of any resulting periodic
payment liability within the meaning of Section 130 (c) of the Internal Revenue
Code to a qualified assignee(s) and execute any associated documents.
11. The Fund is ordered to file quarterly Financial Statements with the Court no later
than the 20th day of the month following the month for which the report is
submitted and Status Reports every six months starting October 1, 2021. A copy
of the Report showing the balance on the involved Financial Institution’s (s’)
paper shall be filed with said Quarterly Statement.
12. The Fund is ordered, recognizing the interest rate environment is extremely low in
the restricted investments, to utilize interest earned by the Fund, if any, to make
payment toward the Fund Administrator’s Fees and Expenses with the balance
remaining due labeled as such and distributed when authorized by Order of the
Court.
13. The Fund is ordered to (i) file any tax returns as they become due, (ii) pay any
taxes as they become due from earnings on the Fund, and (iii) file a final
Distribution Report with this Court terminating the Fund once all matters are
resolved.
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14. The Fund is ordered, recognizing the interest rate environment is extremely low
in the restricted investments, to utilize interest earned by the Fund, if any, to
make payment toward the Fund Administrator’s Fees and Expenses with the
balance remaining due labeled as such and distributed by Order of the Court. All
other expenses of said Fund Administration shall be paid from $12,250.00 of the
settlement which shall be held back as designated in Probate Filings. The
Administrator shall file Invoices for Services for approval with this Court. If any
Funds set aside for Administrative Fees remain in the Qualified Settlement Fund
when this Fund is terminated, they shall be distributed pursuant to the final order
of the Probate Court of Hamilton County, Ohio which has been filed with this
Court as denoted in Para. 6 above.
IT IS SO ORDERED
_________________
_________ _______
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United States District Court
d State
ates
Agreed:
s/Alphonse A. Gerhardstein
Alphonse A. Gerhardstein (0032053)
Trial Attorney for Plaintiffs
s/Aaron M. Herzig
Aaron M. Herzig (0079371)
Trial Attorney for CPS Defendants
s/John Welch
John Welch (0055337)
Trial Attorney for Defendant McLaughlin
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