On January 21, A. 9112 was introduced in the New York Assembly. An identical Senate companion bill, S. 6102, has been referred to the Senate Budget & Revenues Committee after being introduced in May 2019. The bills would...more
On August 9, 2017, the US Court of Appeals for the Third Circuit (Third Circuit), overruling the US District Court for the District of Delaware (District Court), allowed a claim by a holder seeking to prevent an unclaimed...more
The court case challenging Delaware’s unclaimed property audit methodologies has settled following an opinion brutalizing Delaware’s position. This settlement leaves the US District Court for the District of Delaware...more
On June 28, 2016, the much-anticipated memorandum opinion of the US District Court for the District of Delaware in Temple-Inland, Inc. v. Cook et al., No. 14-654-GMS was released on the parties’ cross-motions for summary...more
7/1/2016
/ Amended Complaints ,
Audits ,
Commerce Clause ,
Cross Motions ,
Due Process ,
Escheat ,
Ex Post Facto Clause ,
Extrapolation ,
Full Faith and Credit Clause ,
Summary Judgment ,
Takings Clause ,
Unclaimed Property
Background -
As detailed in our blog last month, MoneyGram Payment Systems, Inc. (MoneyGram) is stuck in between a rock and a hard place as states continue to duel with Delaware over the proper classification of (and...more
As soon as we start to think that Delaware’s unclaimed property practices and administration couldn’t possibly get any more egregious, another lawsuit like JLI Invest S.A. et al. v. Cook et al., Case No. 11274 surfaces. The...more
8/26/2015
/ Conversion ,
Declaratory Judgments ,
Due Process ,
Escheat ,
Foreign Commerce ,
Good Faith ,
Gross Negligence ,
Injunctive Relief ,
Merck ,
Property Owners ,
Shareholders ,
Tender Offers ,
Unclaimed Property
On April 30, 2015, out-of-state professional football players earned victories against the City of Cleveland, Ohio. In a pair of cases decided by the Ohio Supreme Court, the court first struck the City’s method of allocating...more
The judge in a case challenging Delaware’s use of sampling and extrapolation to determine unclaimed property liability denied the state’s motion to dismiss and in doing so, seriously questioned the State’s approach. ...more
In Wirth v. Commonwealth, the Supreme Court of Pennsylvania held that Pennsylvania personal income tax applied to non-resident limited partners whose only connection with the state was the ownership of a small interest in a...more