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This quarterly compliance newsletter provides an in-depth view and analysis of unclaimed property regulations and how they impact mutual funds and corporations. Editorial coverage of ongoing legislation changes, legislative summaries of passed and proposed law, guest columnists from state and industry professionals, Q&A sessions, continuous interpretation and recommendations to effectively comply with unclaimed property laws while increasing your company’s bottom line.
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Audit Risk Red Flags: The Inside StoryUnderstand the risks of an audit and learn how to prepare your company to minimize liabilities and improve your bottom line.
By: Keane’s Unclaimed Property Consultant Team
As states struggle to balance their budgets, they increasingly look to generate revenue by enforcing unclaimed property laws—a goal they pursue by conducting an unprecedented level of corporate audits. As a result, the question companies must ask themselves is not “Will I be audited?” but rather “Am I prepared to address and survive an audit when it happens?” The following document contains information and guidance from Keane’s unclaimed property consulting team regarding the key “red flags” or audit triggers that states look for, as well as other circumstances and operational procedures that can increase the risk of an audit. In addition, we share several best practices and proactive measures that companies can employ to help prepare for and minimize the impact of an audit when it happens.
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State of Delaware and CA, Inc. Settle Litigation
By: Keane’s Compliance Department
In a stunning turn of events, the State of Delaware and CA, Inc. (“CA”) have settled their litigation pending in the Delaware Court of Chancery. According to the terms of the agreement, CA has agreed to pay to the State a staggering sum of $17,650,000, including interest and penalties. This amount represents CA’s liability to the State for all past reporting years, starting in 1991 through and including the 2010 reporting year. The amount does not reflect any liability for equity property owed under the Abandoned Property Law. The portion of the settlement amount that CA claims relates to reporting years 2009 and 2010 is $983,057.65. The remaining $16,666,942.35 relates to the VDA period.
Iowa’s State Treasurer and Attorney General Settle with Sprint over Iowans' Uncashed Rebate Checks
State Treasurer Michael Fitzgerald and Attorney General Tom Miller announced on February 12, 2010, that Iowa has reached a settlement in a lawsuit against Sprint over uncashed rebate checks. Thirty-six states have signed on to the $22 million settlement.
Washington, D.C. sues AT&T seeking unused balances on prepaid calling cards
The attorney general for Washington D.C. has filed a lawsuit against AT&T, seeking to recover ' unused balances on prepaid calling cards.