When lawyer Joseph Caputo cashed over a quarter million dollars from his client trust account with little explanation, officers at New Jersey National Bank may have been suspicious, but they didn’t question Caputo about where the money was going.
As it turns out, the funds, and Caputo, were bound for the gaming tables in Atlantic City. And while the bank didn’t necessarily know that, its failure to investigate the unusual transfers may make it liable to the third-party beneficiaries, New Jersey’s Supreme Court ruled Wednesday.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]