Attorney Denied Ability to Deposit Lockerbie Settlement Checks
Bank of America, has refused to deposit $7.7 million in Libyan settlement checks by the attorney for the families of the victims of the Lockerbie bombing who live in Southeastern Pennsylvania and New York.
On Monday, Attorney Mark Zaid tried to deposit four checks into his attorney trust account, each in the amount of $1,932,500. From this account, Zaid was expecting to distribute the money to his clients, who are entitled to their compensation. According to the Pittsburg Tribune-Review, this should have been possible with Zaid’s power of attorney.
Bank of America has not explained why they will not deposit the checks. Zaid has made many attempts at contacting high officials within Bank of America, including CEO Kenneth Lewis, without any response.
According to the Pittsburg Tribune-Review, Zaid said he deposited about $16 million in compensation for the Pan Am flight bombing into Citibank accounts in 2003 and 2004 without these obstacles.
Due to the issues with Bank of America, Zaid asked JPMorgan Chase, the financial trustee, to wire transfer the funds directly into his clients’ separate bank accounts instead of waiting on his own ability to deposit the checks.
Sarah Dada
