Chicago (April 20, 2004) -- A U.S. District Court has appointed top-ranked accounting firm Crowe Chizek & Co. LLC as financial advisor for the Dow Corning Qualified Settlement Facility Trust.
Dow Corning, once the world's largest maker of silicone breast implants, has been in Chapter 11 bankruptcy since 1995 as a result of legal expenses incurred in defending itself against lawsuits filed by implant recipients. Dow Corning consistently maintained that the implants were safe, but agreed to pay $3.2 billion toward the claims as part of its bankruptcy settlement.
As financial advisor, Crowe Chizek will oversee the preparation of financial statements and other reports, prepare income tax returns, confirm that the investment guidelines are consistently applied to all funds paid to and held by the trust, and provide other accounting and tax consulting services. Crowe Chizek will also determine the available assets of the depository trust and match the assets to the claim payment needs of the settlement and litigation facilities. Marilee Hopkins, executive-in-charge of litigation services for Crowe Chizek, leads the effort as financial advisor.
Hopkins said that Crowe Chizek is a good fit for the role, because of the firm's experience in large claims processing, including work with the United Nations.
-- WebCPA staff
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