After more than a decade of litigation against Libya for the bombing of Pan Am Flight 103 and with the end nearly in sight because of an approved settlement, a Washington lawyer’s attempt to deposit four settlement checks for roughly $7.7 million into his Interest on Lawyers Trust Account IOLTA was rejected by Bank of America despite presenting a notarized power of attorney.
Mark S. Zaid, who filed the first lawsuit against Libya in the aftermath of the Pan Am bombing that killed 270 people, said the bank’s actions “have yet again victimized these people by its unreasonable actions to refuse to honor their settlement payment.” Zaid said he first attempted to deposit the checks on Nov. 24 in his IOLTA account and was informed that someone in the bank’s legal department decided the checks would not be processed without the two original payee signatures-his and that of the clients.
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