Almost a year after a U.S. District Court dismissed a case brought by Plains All American Pipeline LLC against Delaware for its use of a contingency fee auditor (Kelmar Associates), a U.S. Court of Appeals held that Plains’ procedural due process claim was ripe for review and remanded the case to federal district court. Here’s the latest on this litigation.
The Delaware Department of Finance and the State Escheator issued a new round of proposed regulations, once again taking the form of an “Unclaimed Property Reporting and Examination Manual.” Though similar in form and substance to the Examination Manual as introduced in April, this latest version includes several noteworthy revisions.
Many companies rarely, if ever, view themselves as the rightful owner of unclaimed or abandoned property. However, businesses make up the largest share of owners entitled to the estimated $40-50 Billion in unclaimed assets currently held by state and municipal governments and treasuries. This post will offer guidance on how businesses may prepare to recover assets owed to their organization.
Keane has provided the Top 10 reasons why holders should enroll in the Delaware Unclaimed Property VDA Program. While this program has already seen a tremendous response rate, many companies have still not yet enrolled and risk the likelihood of facing an audit from the Delaware State Escheator.