On Wednesday, September 4, 2024, the Supreme Court of New Jersey issued an order admonishing Attorney Edward J. McKenna Jr. for violating ethics rules related to escrow funds.
The case is entitled “In the Matter of Edward J. McKenna,” with case no. 087964.
The charges cited New Jersey Rules of Professional Conduct 1.15(a) and 1.15(a).
According to a February 22, 2023 letter from the Disciplinary Review Board, McKenna served as escrow agent for $800,000 in settlement funds from 2011 through 2014 related to complex litigation involving Putnam at Tinton Falls LLC. Throughout that time period, McKenna made proper escrow distributions as directed by court orders.
However, on December 12, 2014, the day after appellate litigation concluded but before all related cases were fully resolved, McKenna informed his clients that he intended to take his $53,312.25 legal fee from the escrow funds. On December 17, 2014, at the direction of his client, McKenna disbursed his legal fee, which constituted negligent misappropriation of escrow funds in violation of New Jersey Rules of Professional Conduct Rule 1.15(a).
Although McKenna arranged to return the funds to escrow in August 2015 and the funds were eventually distributed according to a bankruptcy order, the Supreme Court agreed with the Board that an admonition was the appropriate level of discipline given the single act of negligence, lack of harm, and McKenna’s unblemished 48-year career. The September 4, 2024 order formalizes McKenna’s admonition for the ethics violation that occurred nearly a decade prior.
According to the filing, Mr. McKenna, Jr., acquired his law license in New Jersey in 1975.
A copy of the original filing can be found here.
