Unclaimed Property and Corporate Compliance News

Google Sued for California Gift Card Practices

Photo by smokedsalmon on FreeDigitalPhotos.netGift cards have become the preferred method for celebrating holidays, birthdays, graduations and many other gift-giving occasions. With the pre-payment and often increased sales, many companies are interested in offering gift cards for sale. However, gift cards are often the cause of many retailer headaches. Google is just the latest in a long string of companies that have run into trouble with their gift card offerings.

Louisiana Latest State to Adapt Unclaimed Property Laws to Modern Technology

With Act number 350, Louisiana became the latest state to make changes to its unclaimed property laws to reflect how consumers use technology to manage their financial lives. This act updates provisions regarding the presumption of abandonment, allowing owner-directed electronic transactions and access through websites or similar electronic access points to be an "indication of an owner's interest in property."

Investors Sue Delaware for Wrongful Seizure of Stock

Photo by smokedsalmon on FreeDigitalPhotos.netTwo investors, Belgium researchers, with stock in Idenix Pharmaceuticals, Inc., have filed a lawsuit in Delaware Chancery Court alleging that the State illegally seized and sold their shares, resulting in a $12 million loss to the investors. Together, the investors owned approximately 10% of the outstanding shares of Idenix and had physical possession of the shares.

How Reporting Unclaimed Property Can Help Your Company

Unclaimed property compliance is a best practice for corporations of all sizes. In addition to avoiding audits and audit assessments, annual compliance can also benefit a company when dealing with long lost shareholders, employees, vendors and customers.

Oklahoma Lawsuit Alleges Ponzi Scheme

Photo by smokedsalmon on FreeDigitalPhotos.netUpdate September 28, 2015: An Oklahoma judge has rejected the claims filed by attorney Jerry Fent, alleging that the Oklahoma unclaimed property fund is a ponzi scheme. Fent has said that he plans to appeal the decisions.

West Virginia Supreme Court Rules Against Life Insurers

Court OrderInsurance companies have been the subject of intense scrutiny by state unclaimed property administrators over the industry's historic asynchronous use of the Social Security Death Master File and similar databases to stop payments on annuity contracts while not using the same databases to determine that an insured under a life insurance contract may have died, and thus triggering a payment obligation.

Delaware Senate Introduces SB 141 on Unclaimed Property


Update: SB 141 was signed by Governor Markell on July 22, 2015.

Delaware Hit With Another Lawsuit Challenging Audit Process

Photo by smokedsalmon on FreeDigitalPhotos.netPlains All American Pipeline, LP ("Plains"), a Delaware limited partnership formed in 1998, has filed a lawsuit against Delaware, seeking a declaratory judgment and injunctive relief from the state initiated unclaimed property audit.

New York Publishes Proposed Regulations for Payroll Debit Cards

Visa CardMany employees do not have a bank account which employers can directly deposit wages on pay day. In looking for ways to increase efficiencies and reduce the costs of writing physical checks, many employers have looked to prefunded, reloadable debit cards, commonly referred to as payroll debit cards.

State Treasurers Waiting for ULC Uniform Act

Last week, Kansas City hosted the 2015 National Association of State Treasurers Treasury Management Symposium. The Symposium hosts state treasurers and their staffs for three plus days of training and networking. This is one of the premier events for state unclaimed property administrators, typically hosting more than 30 different state administrators at one time. In 2014, the major topics included enhancing claims processes and online holder reporting.

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