NJ Law Firm Can't Revive Insurance Suit Over Stolen Funds

Law360 (June 9, 2021, 4:27 PM EDT) -- A New Jersey state appeals court on Wednesday refused to revive Cadre Law Firm LLC's suit seeking insurance coverage for $800,000 in client funds misappropriated by a former paralegal, saying the policy does not cover the firm's damages.

Judge Carmen Messano upheld a lower court's ruling, saying the law firm and its owner, Jill Cadre, cannot get coverage under their $1 million LawyerCare professional liability policy with ProAssurance Casualty Company.

The firm has said that the insurance covers breach of a fiduciary obligation that results in the misappropriation of client funds. Because New Jersey rules require limited liability companies to obtain...

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