Nov. 1, 2010
Victims of Attorney Theft Received More Than $900,000 in Fiscal Year 2010
In Fiscal Year 2010, the Clients’ Security Fund of Ohio awarded more than $900,000 for 145 claims of attorney theft.
These statistics and others are contained in the fund’s 25th annual report, which was released today. The report also includes a summary of the overall operations of the fund as well as a detailed analysis of claims activity for the fiscal year beginning July 1, 2009 and ending June 30, 2010.
Claim activity included the consideration of 179 claims during quarterly board meetings. The Board of Commissioners for the fund awarded $925,266.18 for the 145 claims that were determined eligible for reimbursement resulting from the dishonest conduct of 45 attorneys. The board also determined that four attorney fee applications were eligible for reimbursement of $1,200 in attorney fees. In addition, the fund attempts to collect from the attorney the amount reimbursed to the client. In FY 2010, the fund collected a total of $53,080.
Other statistics from the report include:
- 275 new claims were filed.
- 143 claimants received 100 percent reimbursement of their losses.
- 66 claims were dismissed.
- 34 claims were ruled ineligible.
- Three claimants received the maximum ($75,000) award amount.
The fund seeks to restore public confidence in the legal profession by reimbursing law clients for losses sustained as a result of the dishonest conduct of their attorney. The attorneys who were cited for dishonest conduct represent less than 1 percent of the 43,022 active Ohio attorneys.
The fund – created in 1985 by Gov. Bar R. VIII of the Supreme Court Rules for the Government of the Bar – is supported entirely from the Attorney Registration Fund, and does not receive any tax revenues. Since its inception, the fund has allocated more than $15 million to 1,950 former law clients.
View the 2010 Annual Report of the Clients' Security Fund.
Contact: Chris Davey or Bret Crow, 614.387.9250.