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Mercurius Investment Holding v. Aranha

Disputed funds held in law firm's client-fund account were not held in escrow for benefit of both litigants absent express escrow agreement negotiated between opposing counsel.

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APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MASSACHUSETTS [Hon. Rya W. Zobel, U.S. District Judge]

This is a dispute over the control of $3 million deposited in February 1999 in a client-fund account of a Boston law firm. The essence of the dispute is whether the account was a valid escrow account. If it was, then the funds may be within direct reach of Mercurius Investment Holding, Ltd., which invested the same amount of funds in Thornhill Global Deposit Fund, Ltd., now in liquidation in the Bahamas; if it was not, then the funds are under the control of the foreign liquidators of Thornhill, and Mercurius is simply one of a long list of claimants in line in the Bahamas proceedings. We affirm the holding of the lower court that Thornhill and Mercurius never created an escrow account, so that the funds properly belong with Thornhill’s liquidators.

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