Posts tagged Financial Services.
Financial services firms oftentimes can find themselves in the unenviable position of being in the middle of a dispute over money or property held by their clients. If two or more parties assert competing claims to the ownership of assets held at a financial institution, the institution with custody of the account-the "stakeholder"-can initiate a complaint in interpleader to allow a court to determine the rightful owner of the assets and obtain a discharge from further liability. Here is how an interpleader action operates and how it can protect the stakeholder: When a ...
Posted in: Third Circuit Court