Supreme Court of Pennsylvania

In Re: Financial Institutions Approved as Depositories for Fiduciary Accounts

May 7, 2024

Summary

The Supreme Court of Pennsylvania approved a roster of financial institutions as depositories for attorney IOLTA fiduciary accounts, designating certain banks as Platinum Leader Banks that must pay a net yield of at least the higher of 1% or 75% of the Federal Funds Target Rate. The opinion also outlines the procedure for seeking an IOLTA exemption.