New rule averts IOLTA trouble

FDIC action assures that client funds are insured.

, The National Law Journal

The FDIC has announced that, effective immediately, all client funds deposited in IOLTA escrows are eligible for full deposit insurance coverage under the Temporary Liquidity Guarantee Program through December 31, 2009. The ABA, state and federal lawmakers, community and consumer groups, law firms and individual lawyers had mounted a nationwide campaign to persuade the FDIC to include IOLTA funds in the expanded insurance program.

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