Unclaimed Property and Corporate Compliance News

Oklahoma Ponzi Lawsuit Appealed to State Supreme Court

Photo by smokedsalmon on FreeDigitalPhotos.netLast summer, noted Oklahoma activist attorney Jerry Fent filed lawsuit against the state for improperly using the unclaimed property fund. Fent alleged that the fund had become a Ponzi scheme as the state routinely used the money to fund government operations.

Barganier Scholarships for Georgia State Students

The Barganier team is made up of accountants, lawyers, IT professionals, and other professionals. We believe in education, by serving on volunteer boards supporting our favorite educational institutions and supporting our alma matters. Both founding member Patricia Barganier Thorn and general counsel Kimberly DeCarrera graduated from Georgia State University with Masters in Taxation. We continue to support the GSU Tax program with the Barganier and Associates scholarships. These scholarships are merit based for students in the M.Tax program.

Supreme Court Denies Borders Gift Card Holders

On Monday, the U.S. Supreme Court opened the October 2015 term with a long list of denials, including denying the petition for a writ of certiorari in Eric Beeman v. BGI Creditors' Liquidating Trust. In Beeman, the Petitioners asked the Court to permit their claims against the Borders bookstore bankruptcy estate to proceed.

Barganier is Hiring!

Barganier and Associates is looking to expand our compliance team. Our compliance team is responsible for annual unclaimed property filings with each of the US and Canada jurisdictions. The team handles data collection and analysis, due diligence and report preparation. Our compliance team is also expected to apply changes in laws and regulations to maintain the highest level of accuracy for our clients' reports.

Why You Should Use Barganier During Audit Defense

Your company has just been notified that it is under audit by one or more states for your compliance with unclaimed property laws. Typically, the letter would come from a state and direct you to contact a third-party auditor to proceed. Stop! Before you call the auditor, you should call Barganier to guide you through the complicated process of an unclaimed property audit.

Abercrombie Winning Class Action Battle Over Promotional Cards

During the 2009 Christmas season, Abercrombie and Fitch stores offered a promotion for a free $25 gift card for every $100 spent in the stores. All advertising, including web, email, and in-store, included various terms and conditions, including that the promotional cards would expire on January 30, 2010. When a consumer attempted to redeem the gift cards in April 2010, the consumer was told that the cards had been voided, leading to the present class action lawsuit.

Taylor Looks to Supreme Court

Photo by smokedsalmon on FreeDigitalPhotos.netJust when we thought the Taylor case was over after the 9th Circuit affirmed the dismissal, the plaintiffs are now asking the U.S. Supreme Court to take a look. Earlier this month, the Taylor plaintiffs filed a petition for writ of certiorari.

What Not To Do: Credit Balance Edition

Collecting payment for goods or services provided is such an essential function in a company that there are teams of people devoted to it. A well functioning accounts receivable team is critical for a company's success. With the focus on collecting money, what happens when too much comes in? In other words, what does a company do with credit balances on its books?

Prepaid Card Planning Goes Beyond Legal Analysis

Visa CardIn recent years, prepaid cards have become a common form of payment, for everything from payroll/wages to rebates and everything in between. A recent story out of Norfolk, Virginia, is showing the hidden dangers of using prepaid cards to replace checks without careful planning and protection for the end-user.

Overreaching State Authority in Unclaimed Property Audits

Photo provided courtesy of Freerange PhotosLet's welcome the State of New Jersey back to the unclaimed property stage, as it attempts to overreach its authority in claiming abandoned property during an audit.