5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits
Do Gift Cards Keep on Giving How the Law Affects the Consumer, the Retailer and the State
New York Pushes Mutual Fund Active Share Disclosure - New York’s Attorney General issued a report on its recent investigation of fees charged by actively managed equity mutual funds and a metric known as “Active Share.”...more
The states employ unclaimed property laws (also referred to as escheat laws) to determine if property owned by one person but that is in the possession of another person is subject to the state’s control after the period of...more
Marking its second decision on the issue, the Delaware federal district court has held that the U.S. Supreme Court’s priority rules governing the distribution of unclaimed property among competing states do not apply to...more
Another federal judge slams Delaware’s unclaimed property audit methodology but rejects the holder’s reliance on the priority rules as a defense to the audit demands. See Marathon Petroleum Corp. et al. v. Cook et al., No....more
When a U.S. insurance regulator investigates market conduct or financial solvency, its work is governed by a state law based on the NAIC Model Law on Examinations. Like the Model Law, all state laws strictly protect the...more
As noted in prior mailings on this topic, all 50 states require companies to comply with broad and often complex unclaimed property laws that mandate annual reporting. Unclaimed property is generally defined as tangible or...more
A lawsuit challenging the unclaimed property estimation methodology used by the State of Delaware and its auditor Kelmar Associates will proceed, according to a ruling issued by a Delaware federal district court on March 11....more
In its first preemption determination, on April 19, 2013, the Consumer Financial Protection Bureau (CFPB) ruled that Tennessee's unclaimed property statute provisions applicable to gift cards are preempted by federal law. The...more
On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...more