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No Compensation Due to Owners on IOLTA Funds' Interest Transfers

Loaded on May 15, 2007

Filed under: Money/Property, Interest, Trust Accounts. Location: Washington.

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 …

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