Escrow Accounts After 'Galasso': You Are Your Brother's Keeper

, New York Law Journal


David S. Hammer, a former assistant U.S. Attorney, and Richard M. Maltz, counsel to Frankfurt, Kurnit, Klein & Selz, explain that a lawyer who steals escrow funds commits a crime, ethical violation and a tort. If the lawyer is a partner in the firm, the firm itself may be liable for damages and disciplinary sanctions. The authors then explore the question: What of partners in the firm who were not complicit in the theft but made it possible by failing to supervise the firm's escrow accounts?

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