Delaware is sending voluntary disclosure agreement invitations to holders believed to be out of compliance with its unclaimed property laws. In a slight change in policy, Delaware indicated that any holders that choose not to enroll in the VDA program will be audited.
Unclaimed Property Audit (53 articles)
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 […]
Notice: The North Carolina Department of State Treasurer is sending letters to companies (“holders”) to determine compliance with their Unclaimed Property statutory reporting requirements. It is important to note that response to these letters is required within 30 days. The form attached to these letters request company, unclaimed property reporting, accounting, payroll, outstanding checks, vendor […]
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 […]
In ruling on Delaware’s Motion to Dismiss on September 17, 2019, which was granted in part, and denied in part, the US District Court for the District of Delaware (federal court) passed on deciding the case, leaving the issue (again) in the hands of the Delaware Court of Chancery (state court). In connection with an […]