NJ LAWYERS' FUND v. FIRST FID. BANK, N.A.


303 N.J. Super. 208 (1997)

NEW JERSEY LAWYERS' FUND FOR CLIENT PROTECTION, PLAINTIFF-RESPONDENT, v. FIRST FIDELITY BANK, N.A., DEFENDANT-APPELLANT, AND ALLSTATE INSURANCE COMPANY; WACHOVIA BANK AND TRUST CO., N.A.; GOVERNMENT EMPLOYEES INSURANCE COMPANY; RIGGS NATIONAL BANK; CIGNA INSURANCE COMPANY; CONNECTICUT NATIONAL BANK; THE TRAVELERS INDEMNITY COMPANY; NATIONAL RAILROAD PASSENGER CORP.; FIRST OMNI BANK, N.A.; CAMBRIDGE MUTUAL FIRE INSURANCE COMPANY; BAY BANK MIDDLESEX; STATE OF NEW JERSEY, DEPARTMENT OF THE TREASURY; NEW JERSEY NATIONAL BANK; THE HOME INSURANCE CO.; CITICORP (CITIBANK); CSC INSURANCE SERVICES; THE FARMERS' MUTUAL FIRE ASSURANCE ASSOCIATION OF NEW JERSEY; ESE CORP.; MCA INSURANCE COMPANIES; MIDLANTIC NATIONAL BANK; EMPLOYERS REINSURANCE CORPORATION; BOATMEN'S BANK OF MARSHALL; MERCER MUTUAL INSURANCE CO.; PRUDENTIAL COMMERCIAL INSURANCE COMPANY, AND NEW JERSEY AUTOMOBILE FULL INSURANCE UNDERWRITING ASSOCIATION AND MARKET TRANSITION FACILITY OF NEW JERSEY, DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided July 9, 1997.


Attorney(s) appearing for the Case

Greenbaum, Rowe, Smith, Ravin, Davis & Himmel, attorneys for appellant (John D. North, of counsel and on the brief).

Roger S. Steffens, attorney for respondent New Jersey Lawyers' Fund for Client Protection.

Golden, Rothschild & Spagnola, attorneys for respondents, New Jersey Automobile Full Insurance Underwriting Association and Market Transition Facility of New Jersey (C. Edward Speidel, of counsel and on the brief).

Before Judges KING, KEEFE and CONLEY.


The opinion of the court was delivered by KING, P.J.A.D.

I.

In 1968 the Supreme Court adopted a Rule authorizing and creating a fund, currently called the "New Jersey Lawyers' Fund for Client Protection" (Lawyers' Fund)1, to reimburse clients who sustain losses caused by dishonest members of the New Jersey bar. The Lawyers' Fund is administered by a seven-member Board of Trustees...

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