JPMorgan Chase Bank Funds from IOLTA Account Illinois Complaint

September 17, 2021

Lawyers are not permitted to commingle client funds with their own money. To hold client funds they are administering, they must open Interest on Lawyer Trust Accounts (IOLTAs), which are heavily regulated. The complaint for this class action alleges that JPMorgan Chase Bank, NA broke the rules by taking by taking money from an attorney’s client IOLTA to cover a shortfall in his business operating account.