Nov. 22, 2011
Victims of Attorney Theft Received $1.2 Million in Fiscal Year 2011
In Fiscal Year 2011, the Clients’ Security Fund of Ohio awarded more than $1.26 million for 136 claims of attorney theft.
These statistics and others are contained in the fund’s 26th 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, 2010 and ending June 30, 2011.
Claims activity included the consideration of 197 claims during quarterly board meetings. The Board of Commissioners for the fund awarded $1,259,463.31 for the 136 claims that were determined eligible for reimbursement resulting from the dishonest conduct of 71 attorneys. The board also determined that three attorney fee applications were eligible for reimbursement of $825 in attorney fees. In addition, the fund attempts to collect from the attorney the amount reimbursed to the client. In FY 2011, the fund collected a total of $35,287.04.
Other statistics from the report include:
- 330 new claims were filed.
- 131 claimants received 100 percent reimbursement of their losses.
- 118 claims were dismissed.
- 61 claims were ruled ineligible.
- Five claimants received the maximum ($75,000) award amount.
The fund seeks to support public confidence in the legal profession by reimbursing law clients for losses sustained as a result of the dishonest conduct of their attorneys. The attorneys who were cited for dishonest conduct represent less than 1 percent of the 43,459 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 $16.3 million to 2,076 former law clients.
View the complete report.