Keane's Unclaimed Property Blog

Verdict Rendered Against Overstock in Qui Tam Litigation Over Unclaimed Gift Card Balances

Verdict Rendered Against Overstock in Qui Tam Litigation Over Unclaimed Gift Card Balances

Gift Card Escheatment, Litigation

The verdict against Overstock likely means that Delaware will further scrutinize companies utilizing similar giftco structures and could possibly subject them to litigation or audit, even forcing some to re-domesticate outside of Delaware to avoid such scrutiny.  Gift card holders should be overly cautious and be prepared to defend their organizational structures to the state.

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Wish List: What State Unclaimed Property Administrators Want You to Know

Wish List: What State Unclaimed Property Administrators Want You to Know

Compliance, Unclaimed Property Reporting

Barbara Rice, Keane’s State Compliance Liaison, who previously managed the unclaimed property programs in both Ohio and South Carolina, recently reached out to multiple state unclaimed property administrators to inquire as to the types of information that they wish that holders knew prior to filing reports. This is their “Wish List”.

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