Posted on Thursday, 4th March 2010 by Freda Pepper

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CA, Inc. on the losing side of a large Delaware unclaimed property lawsuitThis post pertains to the Delaware Abandoned Property Law, and more specifically to a recent lawsuit between DE and CA, Inc.

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 Delaware unclaimed property liability 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 relate to (for reporting years 2009 and 2010) is $983,057.65.   Read More »

Posted in: Abandoned Property Law, Escheat Law, Legislative Updates, Other News, Unclaimed Property Compliance | Comments (0)