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Worried that interest-generated funding for legal assistance would continue to plummet, the Florida Bar Foundation, which administers the Interest on Trust Accounts program, asked the Florida Supreme Court to amend the rules regulating IOTAs. Last Friday, the court granted the foundation's request, ruling that financial institutions that hold IOTA accounts must pay prevailing market interest and dividend rates on them.
June 21, 2001 at 12:00 AM
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The original version of this story was published on Law.Com
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