Three Texas banking groups are trying an end run through Texas courts to invalidate a June 1998 U.S. Supreme Court ruling that jeopardizes the state’s Interest on Lawyers’ Trust Accounts program.
The banking groups intervened in a suit filed by Houston lawyer James W. Paulsen. He seeks a declaratory judgment that the U.S. Supreme Court erred in its understanding of Texas law when ruling interest earned on client funds held in IOLTA accounts is the private property of the client.
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