Washington, D.C., lawyer Mark Zaid, who represents victims of the Pan Am Flight 103 terrorist bombing in 1988, was stunned when he unsuccessfully tried to deposit nearly $8 million in settlement funds into his Interest on Lawyer’s Trust Account at Bank of America.
Bank of America refused to accept the deposit Nov. 24 even though Zaid presented the bank a notarized and double-witnessed power of attorney. Zaid says he was told he would need his signature and his clients’ signature on the checks. The solo practitioner questions whether it’s a potential malpractice offense to send that amount of money through the mail without indemnity.
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