Tag Archives: Unclaimed property

A Qui Tam Win for Holders, New Federal Common-Law Ruling, JPMorgan Appeals, and a Possible California Amnesty Program

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Our Unclaimed Property Team highlights several recent rulings – both federal and state from across the country – and a new California law that could have broad implications for holders. Qui tam rulings in Delaware and New York A fight for removal from state to federal court A possible California amnesty program Read the full advisory here. [...]Read more

Univar, Chapter Two: Only a Pair of Constitutional Claims Survive Dismissal (For Now)

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Our Unclaimed Property Team breaks down the many individual issues at stake in the continuing epic of Univar’s struggle against Delaware and its use of a third-party auditor, and how the courts are deciding in light of earlier Third Circuit rulings. The procedural due process and equal protection claims survive The other claims were dismissed, but could be revived later The next chapter will be set (again) in chancery court Read the full advisory here. [...]Read more

False Claims Act Is Again in Focus, This Time in New York

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Last week, our Unclaimed Property Team uncovered the broader implications of a New York court’s False Claims Act ruling that could create a new risk for holders that report past-due property. Overview of the action brought by the relator The court’s decision Implications for holders Read the full advisory here. [...]Read more

New York Assembly Introduces a Bill on the Escheat of Virtual Currency

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New York Assembly Bill 8314, introduced on June 13, 2019, would provide for the escheat of virtual currency. The bill, which also directs the comptroller to create regulations establishing when electronic communication qualifies as “written contact” from an owner, defines “virtual currency” as “any type of digital unit that is used for  a  medium of exchange or a form of digitally stored value.” The definition is meant to be broadly construed and includes decentralized currencies and those with a central depository or administrator. However, the bill excludes online gaming currencies, [...]Read more

Colorado’s New Revised Uniform Unclaimed Property Act Should Prompt Holder Action

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Our Unclaimed Property Team examines the potential adverse impacts on holders as Colorado joins the list of states updating their unclaimed property laws by adopting a version of RUUPA that repeals its existing $25 reporting deduction but preserves the state’s existing treatment of gift cards. Impacted holders should consider redomestication Will the state apply the repeal retroactively and attempt to claw back deducted funds? Gift cards and gift certificates – maintaining the status quo Read the fill advisory here. [...]Read more

Unclaimed Property Challenges in the Health Care Industry

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States across the country are undertaking unclaimed property audit campaigns. These audits are targeting large national health care providers and insurance companies. Learn from Unclaimed Property partners Kendall Houghton and Matt Hedstrom why these audits raise HIPAA and unclaimed property concerns for the health care sector. Click here to read the article.   [...]Read more

What Is the Future State of Unclaimed Property?

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Over the past two years, a series of sea-change developments in the unclaimed property compliance arena has impacted corporations in the U.S. As part of this series of articles produced by Duff & Phelps asking what's next, Kendall Houghton considers how investment assets will continue to generate audit disputes and litigation. Read the articles here. [...]Read more