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Keane's Unclaimed Property Blog

Gift Card Escheatment (14 articles)

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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CFPB Issues Decision on Federal Preemption of State Gift Card Laws

Compliance, Gift Card Escheatment, Public Corporations

On April 19th, the Consumer Financial Protection Bureau (CFPB) issued a formal determination on whether certain state unclaimed property laws as they apply to gift cards, are subject to federal preemption. At issue were the unclaimed gift card laws in place in Maine and Tennessee.  The CFPB’s consideration and determination were the result of requests […]

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Another Gift Card Provider Leaving New Jersey

Compliance, Gift Card Escheatment, State Escheatment

Following the lead of American Express earlier this week, InComm has announced that they will be removing their gift cards from convenience stores, pharmacies, grocery stores, and additional retail outlets across New Jersey. Effective June 30th, InComm’s Vanilla Visa® Gift Card and Vanilla MasterCard® Gift Cards will be pulled from New Jersey shelves. InComm’s decision, […]

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