New York's Interest On Lawyers Accounts law (IOLA), despite its plain language, does not definitively block all lawsuits alleging that bankers mishandled the accounts, a Manhattan judge ruled. Justice Charles Edward Ramos said there is no evidence that by passing the law intended to use interest from short-term escrow accounts to fund legal services to the poor, the Legislature intended to absolve banks from the common law duty of managing the accounts.
March 07, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New York’s Interest On Lawyers Accounts law (IOLA), despite its plain language, does not definitively block all lawsuits alleging that bankers mishandled the accounts, a Manhattan Supreme Court justice has ruled.
Justice Charles Edward Ramos said there is no evidence that by passing the law intended to use interest from short-term escrow accounts to fund legal services to the poor, the Legislature intended to absolve banks from their common law duties in managing them.
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