Clients’ Protection Fund Board

Susan Bradford Tarley, Chair
 

The Clients’ Protection Fund was established in 1976 to make monetary awards to people who have suffered financial losses because of the dishonest conduct of Virginia lawyers. The fund is managed by a fourteen-member board appointed by the Virginia State Bar Council. Board members investigate all petitions from clients for payments from the fund. The Board hears each petition and determines the amount of loss.

The total amount paid during FY 2019-2020 was $30,659 for ten claims. The Board denied seventeen (17) petitions, and fourteen (14) petitions were rejected for not meeting the CPF rule requirements. Three (3) claims were withdrawn by the petitioners. As of June 30, 2020, there were thirty-six (36) pending claims.

The total amount paid for the operating expenses of the CPF for the fiscal year was $4,221.00. In addition, the fund paid $15,357.00 for receivership cases initiated by the Virginia State Bar.

The fund began the fiscal year on July 1, 2019, with a cash balance of $10,157,966. The Clients’ Protection Fund $10 assessment from all active attorneys totaled $326,355. Interest income for the fiscal year, totaled $204,404. The fund received restitution from the attorney general’s collections, debt set-off, and individual restitutions in the amount of $12,132 net of attorney’s fees for collection services. As of June 30, 2020, the cash balance in the fund was $10,650,622.

The board is to be commended for the many hours spent investigating and deliberating claims, and for the work of its various committees including the public awareness and strategic planning committees.

As chair, I am retiring after 6 years on the CPF Board and express great appreciation to all of the board members and staff that I have met and worked with over the years.

Peter M. Mellette, Esquire, will be joining the CPF board as a new member for the fiscal year 2020-2021, and we extend a warm welcome to Peter.

Updated: Jul 23, 2020