Tag Archives: audit

Plains All American Case Dismissed – Federal Court Determines Holder Must Develop Factual Record Before Challenging Kelmar Unclaimed Property Audit

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On August 16, 2016, the U.S. District Court for the District of Delaware granted Kelmar’s and Delaware’s motions to dismiss in Plains All American Pipeline, L.P., v. Cook, et al.[1]  The court determined that the Plaintiff (1) lacked standing to sue Kelmar, (2) had not demonstrated ripeness of declaratory relief against Delaware for any of its claims, except equal protection, and (3) failed to state a cause of action regarding its equal protection claim. Background In 2014, Delaware, through its third-party auditor, Kelmar, initiated an unclaimed property audit of Plains All American [...]Read more

Delaware Governor Signs Unclaimed Property Overhaul Into Law

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On July 22, 2015, Delaware Governor Jack Markell signed into law a significant piece of unclaimed property reform legislation, S.B. 141.  Alston & Bird issued an advisory on June 23 analyzing the changes brought about by the bill.  Our advisory is available here: www.alston.com/advisories/serious-property-reform. To summarize, S.B. 141 will do the following: Make permanent the Secretary of State's voluntary disclosure program. Require the Department of Finance to provide holders with the opportunity to enter into the Secretary of State's VDA program before being subjected to [...]Read more