Keane's Unclaimed Property Blog

Litigation (13 articles)

Massachusetts Ruling: Interest on Lawyer Trust Accounts are not Unclaimed Property

Massachusetts Ruling: Interest on Lawyer Trust Accounts are not Unclaimed Property

Banking, Litigation

The Massachusetts Supreme Judicial Court ruled on October 1, 2020 that unidentified funds in Interest on Lawyer Trust Accounts (“IOLTAs”) are not unclaimed property under Massachusetts Unclaimed Property Law (G.L.c. 200A, et seq.)[1] (the “UPL”).   Banks should no longer report IOLTAs to Massachusetts. The Matter of Gregory M. Olchowski [2] sets forth the courts findings.  […]

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DE Court Orders Univar to Comply with DE Subpoena

DE Court Orders Univar to Comply with DE Subpoena

Escheat Law, Litigation, Unclaimed Property Audit, Unclaimed Property Law

State of Delaware, Department of Finance v. Univar, Inc[1] On October 29, 2020 the Delaware Chancery court ordered that Univar comply with Delaware’s administrative subpoena. Delaware’s administrative subpoena was for unclaimed property documents as part of an audit by Kelmar, Delaware’s third-party auditor. Specifically, the court made the following determinations: Rejected Univar’s argument that the […]

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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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