The Interest on Lawyers Trust Account Scheme (IOLTA): Could the medical profession get away with fleecing patients in this way?

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It is coming on a decade since the U.S. Supreme Court ruled that the IOLTA scheme constitutes a collective taking by the state of the property of clients. Still the scheme continues. Nothing has changed. Why? Charles E. Rounds, Jr. explains in the following two pieces how IOLTA implicates the 1st, 5th, and 14th Amendments to the U.S. Constitution and why it continues to thrive. The first piece is an excerpt from Loring and Rounds: A Trustee’s Handbook (2012). The second is a Cato Institute Policy Analysis ( No. 291).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles E. Rounds, Jr., Suffolk University Law School | Attorney Advertising

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