TD Bank Not on Hook For Lawyer’s Embezzlement

A personal injury firm can’t hold TD Bank liable for $300,000 that a since-disbarred partner embezzled from trust and checking accounts, the Pennsylvania Superior Court held Feb. 14.

The ruling offers two important lessons for all bank customers: check your monthly statements and read your deposit agreements.

The court said that if Levy Baldante Finney & Rubenstein P.C. had heeded the first lesson, it might have discovered the fraud of Jack S. Cohen, a former name partner who stole at least 29 checks the firm had made out to clients, expert witnesses, and other third parties. He did so by ...