Free Newsletter
IOLTA protection extended into 2011
Mass. Lawyers Weekly Staff//December 30, 2010//
Listen to this article
The U.S. Senate has passed by unanimous vote a bill extending FDIC unlimited coverage for Interest on Lawyer Trust Accounts.
The bill was previously passed by the House and now goes to President Obama, who is expected to sign.
IOLTA accounts have enjoyed unlimited coverage by FDIC insurance since 2008, but that coverage was set to expire after Dec. 31, 2010.
The IOLTA program represents a significant source of financial support for civil legal services to low-income citizens. Attorneys who handle nominal or short-term client funds that cannot earn net income for the client place the funds in pooled, interest-bearing IOLTA accounts.
Interest on the accounts is used to fund basic human needs including food, shelter, safety, health care and child custody.
Related Content
Verdicts & Settlements
- Injury during baby’s adenoidectomy leads to stroke
- Construction worker’s hand caught in cement mixer
- Worker trapped in freezer, dies during steam cleaning
- Pedestrian, 69, hit by motor vehicle while in crosswalk
- Four-vehicle pileup leaves driver with spinal cord injury
- Nursing home staff blamed for kidney-failure death
- Pharmacy’s late delivery blamed for patient’s death
- Man, 25, drowns after swimming lesson at fitness club
Opinion Digests
- Jurisdiction – Forum selection clause – Non-signatory
- Criminal – Responsibility
- Attorneys – Lien
- Landlord and tenant – Default judgment
- Zoning – Constructive grant – Comprehensive permit
- Fraud – False Claims Act – Settlement share
- Civil practice – Discovery – Cybersecurity
