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Indiana IOLTA expected to benefit from Bank of America settlement

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Indiana’s Interest on Lawyers’ Trust Account program is expecting to receive a portion of the federal government’s historic multi-billion-dollar settlement with Bank of America, bringing a much-needed influx of funds to the program that has suffered dramatic declines in revenues as a result of the economic recession.

Charles Dunlap, executive director of the Indiana Bar Foundation which administers the state’s IOLTA program, said he is pleased with the additional resources but cautioned the financial help will not arrive immediately.

“It could take several years for the funds to be distributed so relief for people struggling with mortgage foreclosure could still be more than a year away,” he said.

Dunlap was recently elected president of the National Association of IOLTA programs. He has been a member of the national organization for 13 years.

The U.S. Department of Justice announced the $16.65 billion settlement Aug. 21 to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corp. and Merrill Lynch, for financial fraud leading to and during the Great Recession.

This is the largest civil settlement with a single entity in American history and will provide billions of dollars in relief to struggling homeowners.

Although the portion of the settlement slated to come to Indiana is unknown, Dunlap, said the amount will be significant.

“While $17 billion is certainly a big number, the portion that Indiana’s IOLTA program will receive is only a small portion of the overall amount and comes on the heels of over five years of unprecedented low revenues due to the historically low prevailing interest rate environment we have experienced,” Dunlap said. “We are extremely grateful for the increased ability we will have to help struggling Hoosiers with these settlement funds, but we have to be patient to see how all the details work out.”

 
 

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  1. Wishing Mary Willis only God's best, and superhuman strength, as she attempts to right a ship that too often strays far off course. May she never suffer this personal affect, as some do who attempt to change a broken system: https://www.youtube.com/watch?v=QojajMsd2nE

  2. Indiana's seatbelt law is not punishable as a crime. It is an infraction. Apparently some of our Circuit judges have deemed settled law inapplicable if it fails to fit their litmus test of political correctness. Extrapolating to redefine terms of behavior in a violation of immigration law to the entire body of criminal law leaves a smorgasbord of opportunity for judicial mischief.

  3. I wonder if $10 diversions for failure to wear seat belts are considered moral turpitude in federal immigration law like they are under Indiana law? Anyone know?

  4. What a fine article, thank you! I can testify firsthand and by detailed legal reports (at end of this note) as to the dire consequences of rejecting this truth from the fine article above: "The inclusion and expansion of this right [to jury] in Indiana’s Constitution is a clear reflection of our state’s intention to emphasize the importance of every Hoosier’s right to make their case in front of a jury of their peers." Over $20? Every Hoosier? Well then how about when your very vocation is on the line? How about instead of a jury of peers, one faces a bevy of political appointees, mini-czars, who care less about due process of the law than the real czars did? Instead of trial by jury, trial by ideological ordeal run by Orwellian agents? Well that is built into more than a few administrative law committees of the Ind S.Ct., and it is now being weaponized, as is revealed in articles posted at this ezine, to root out post moderns heresies like refusal to stand and pledge allegiance to all things politically correct. My career was burned at the stake for not so saluting, but I think I was just one of the early logs. Due, at least in part, to the removal of the jury from bar admission and bar discipline cases, many more fires will soon be lit. Perhaps one awaits you, dear heretic? Oh, at that Ind. article 12 plank about a remedy at law for every damage done ... ah, well, the founders evidently meant only for those damages done not by the government itself, rabid statists that they were. (Yes, that was sarcasm.) My written reports available here: Denied petition for cert (this time around): http://tinyurl.com/zdmawmw Denied petition for cert (from the 2009 denial and five year banishment): http://tinyurl.com/zcypybh Related, not written by me: Amicus brief: http://tinyurl.com/hvh7qgp

  5. Justice has finally been served. So glad that Dr. Ley can finally sleep peacefully at night knowing the truth has finally come to the surface.

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