Keane's Unclaimed Property Blog

Unclaimed Property (52 articles)

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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An International Perspective on Using Dormant Assets to Fund Social Programs

An International Perspective on Using Dormant Assets to Fund Social Programs

Abandoned Property, Dormancy Periods, Unclaimed Property

Authored by: Alena Levitz, B.A., LL.B, LL.M, Executive Director British Columbia Unclaimed Property Society Japan launched its first unclaimed property program this year following the passage of the Dormant Deposit Utilization Act in December 2016. The program utilizes funds from dormant bank accounts that have been inactive for ten years or more to finance social […]

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The Raw Data Analytics LLC Case May Change the Unclaimed Property Landscape and Liability for the Holder Community!

The Raw Data Analytics LLC Case May Change the Unclaimed Property Landscape and Liability for the Holder Community!

Compliance, Escheatment, Litigation, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Unclaimed property compliance has been on the rise since the early 2000s. Many companies are aware of state unclaimed property laws, programs, and annual filing requirements. State auditors, third party audit firms, and amnesty programs such as voluntary disclosure agreement (“VDA”) have also contributed to the increase in compliance. VDA programs allow companies to become […]

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Litigation Alert: CA Attorney General Files Action Against ClubCorp

Litigation Alert: CA Attorney General Files Action Against ClubCorp

Compliance, Litigation, Unclaimed Property

On June 11, 2019, the California Attorney General filed a Complaint in the Superior Court of California, County of San Francisco (CGC-19-576620), alleging that ClubCorp violated California’s False Claims Act (CFCA) and the California Unclaimed Property and Unfair Competition laws when it knowingly omitted in its unclaimed property reports approximately $10 million in unclaimed initiation […]

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Further Scrutiny From Above? More Eyes on Retirement Savings Plans as the Advisory Council to the DOL Prepares to Review Uncashed Checks from ERISA Plans

Further Scrutiny From Above?  More Eyes on Retirement Savings Plans as the Advisory Council to the DOL Prepares to Review Uncashed Checks from ERISA Plans

Unclaimed Property

The 2019 Advisory Council on Employee Welfare and Pension Benefit Plans, which supports and advises the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA), will soon be reviewing the procedures used by the states to determine whether the voluntary transfer of uncashed distribution checks to the states’ unclaimed property funds is advancing the DOL’s […]

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