Keane recently received communication from state personnel regarding new requirements for reporting securities-related unclaimed property in both California and New York. Properly escheating securities is one of the more complex aspects of the annual compliance and reporting process, as it requires additional steps not applicable for general ledger property types. Updated reporting and remittance instructions for both jurisdictions are outlined […]
Public Corporations (37 articles)
Through proactive shareholder outreach and location programs, public corporations can improve investor communication and retain at-risk shareholders, while reducing the risk of identity theft, fraud, fines, penalties, and audits. Here you will find best practices and unclaimed property news that impacts public corporations.
The issues center on which state has jurisdiction over $150 million in uncashed official checks. Both Delaware and a group of 21 other states have laid claim to all or a portion of the $150 million sum citing federal common law and the federal Disposition of Abandoned Money Orders and Traveler’s Checks Act, respectively.
The dismissal of the Marathon/Speedway case leaves many questions unanswered – including issues which could provide important guidance to Delaware and to holders with regard to audit practices and more specifically with regard to gift card liability.
On August 5th, it was announced that Temple Inland and officials of the Delaware Department of Finance and the State Escheator’s Office in their official capacities had filed a joint motion to dismiss the case based on a recent voluntary settlement between the parties. How will this settlement impact Delaware’s unclaimed property audit practices?