USFIA victim claim distribution payments approved
Following an agreement reached with the IRS, the USFIA Receiver has secured authorization to send out USFIA victim distribution payments.
As per a June 9th order issued by the court;
In accordance with the Original Plan, the prior orders of the Court, and the Stipulation, the Receiver is authorized to proceed with the distribution of Receivership Proceeds to Claimants with Allowed Claims.
$45.8 million in allowed claims have been approved by the USFIA Receivership.
Although there is no specific timeline for distribution payments to be made, we expect they’ll be going out shortly.
Update 20th July 2022 – The USFIA Receiver has provided an update on distribution payments;
DISTRIBUTION UPDATE
July 16, 2022: This website update provides a status of the Final Distribution which was previously scheduled to be completed on July 15, 2022.
While the Receiver’s staff has been working diligently to process all claimant distributions, following the announcement that the distribution would be made by July 15, the Receiver was inundated with unanticipated requests to update addresses and payment instructions.
As a result, not all of change requests were able to be implemented by today.
Checks for claimants that selected that option have been prepared and are being mailed today. Be advised that it will take time for those checks to arrive, especially those going overseas.
The Receiver requests that if USFIA victims don’t receive checks by August 15th, that they get in touch with the Receivership via email.
Update 30th July 2022 – The USFIA Receiver has provided a second update on distribution payments.
Regarding distribution payments via check;
The Receiver would like to apologize for the delay and inform you that the checks were mailed July 29, 2022, from Colorado.
Our third-party partner that prepared and mailed the checks had delays with quality checking and other items that took longer than expected.
For claimants in the US, the Receiver requests if checks haven’t been received by August 19th only then should they be contacted. For victims outside the US, August 26th.
Regarding distribution payments via PayPal;
We are pleased to announce that PayPal payments began to go out on July 27, 2022, and were completed on July 29, 2022.
We have received many messages that these payments have been received, but there are a number of payments that have not yet been claimed, or were cancelled by PayPal for various reasons.
We have received a high volume of communications and questions regarding these payouts.
We will be working through these issues, and responding to all inquiries over the next few weeks, to ensure that all claimants are able to receive their distribution funds.
If you were scheduled to receive a check and you now prefer a PayPal payment, unfortunately we are not able to make that change.
$64 million has been allocated for distribution payments, representing a 75.3% recovery.
Update 9th December 2022 – The USFIA Receiver’s latest Interim Report details issues related to the distribution process.
Article updated with distribution status.
Article updated with second distribution update from USFIA Receiver.