Skip to content

Brown et al. v. Legal Foundation of Washington et al.

Case URL: 

In recent years, the legality of IOLTA (Interest on Lawyers' Trust Accounts) has been called into question in several court cases. The matter has now been resolved by the U.S. Supreme Court in a five to four decision that upholds the legality of IOLTA. The Court held that a state law which required an attorney or a real estate escrow agent to place client funds that would not otherwise generate net interest earnings into an IOLTA account was not a "regulatory taking" under the Fifth Amendment. As a side note, if an attorney mistakenly places into an IOLTA account client funds which would have generated net interest earnings after payment of the expenses of the account, the client has a claim against the attorney and not the state. No claim was made against the financial institution where the IOLTA account was maintained.

Subject: 

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Courtwatch