On December 9, 2019, AT&T filed a lawsuit against the state in Delaware federal court, AT&T v. Geisenberger, 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 […]
Escheat Audits (6 articles)
Recently, Keane noticed an uptick in unclaimed property audits initiated by the state of Massachusetts. We wanted to bring this to the attention of holders incorporated in Massachusetts, as well as those with a physical presence in the state, so that proactive measures can be considered. Proactive measures would include conducting an internal risk assessment […]
Kelmar Associates has been retained as the third-party auditor initiating a recent surge in multi-state examinations that has taken place in recent weeks. These unclaimed property audits of public corporations are specific in scope to securities or equity-related property. During this period of increased audit activity, audit notices on behalf of multiple states were sent directly to an individual at the issuer/holder or to representatives at the relevant commercial stock transfer agent.
Two items in the news have caught our attention at Keane – the first of which may have a significant impact on unclaimed property auditors and their practices. According to a recent article, members of the Delaware Legislature announced plans to introduce legislation that would prohibit commission-based contracting for unclaimed property and would forbid a […]
Over the past few months, Keane has blogged about some of the issues that have recently come to light in the life insurance industry – and how many life insurance companies have found themselves under scrutiny from a beneficiary communication and unclaimed property perspective. As a result, the life insurance industry is starting to see […]