Keane's Unclaimed Property Blog

Litigation (11 articles)

Multi-State VDA’s – The Proactive Solution

Multi-State VDA’s – The Proactive Solution

Best Practices, Compliance, Litigation, Unclaimed Property, Unclaimed Property Audit, Unclaimed Property Reporting

According to state estimates, only 10-12% of companies nationwide are in compliance with state unclaimed property provisions. In an effort to increase voluntary compliance rates, states are increasingly reaching out to companies that they believe may have potential unclaimed property exposure to seek an understanding of their potential exposures and invite them to come into […]

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Eton Corporation and Fruit of the Loom Follow Suit, Filing Back-to-Back Lawsuits Against Delaware

Eton Corporation and Fruit of the Loom Follow Suit, Filing Back-to-Back Lawsuits Against Delaware

Compliance, Litigation

Eton Corporation and Fruit of the Loom (along with related entities) are the latest companies to have filed suit against Delaware in federal court[1], alleging that the state violated their constitution rights in connection with the state’s estimation methodology used in unclaimed property audits by its contingency fee auditors.  These back-to-back lawsuits filed on December […]

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Delaware Faces New Lawsuit Related to Unclaimed Property Audits

Delaware Faces New Lawsuit Related to Unclaimed Property Audits

Escheat Audits, Litigation, Unclaimed Property Audit

On December 9, 2019, AT&T filed a lawsuit against the state in Delaware federal court, AT&T v. Geisenberger[1], alleging that certain document requests issued by Kelmar, acting as the state’s third party contingent fee auditor, made in connection with an unclaimed property audit that began in 2012, violate the company’s Fourth, Fifth and Fourteenth Amendment […]

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The Raw Data Analytics LLC Case May Change the Unclaimed Property Landscape and Liability for the Holder Community!

The Raw Data Analytics LLC Case May Change the Unclaimed Property Landscape and Liability for the Holder Community!

Compliance, Escheatment, Litigation, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Unclaimed property compliance has been on the rise since the early 2000s. Many companies are aware of state unclaimed property laws, programs, and annual filing requirements. State auditors, third party audit firms, and amnesty programs such as voluntary disclosure agreement (“VDA”) have also contributed to the increase in compliance. VDA programs allow companies to become […]

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