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No Compensation Due to Owners on IOLTA Funds' Interest Transfers
In a 5-4 decision, a sharply-divided United States Supreme Court held that
transfer of interest on client funds deposited in a pooled "interest on
lawyer's trust account" (IOLTA) from the account to a government program
that provides legal services for indigents is a "taking" under the Fifth
Amendment but that ...
transfer of interest on client funds deposited in a pooled "interest on
lawyer's trust account" (IOLTA) from the account to a government program
that provides legal services for indigents is a "taking" under the Fifth
Amendment but that ...
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