Seemingly empowered by the audit of the life insurance industry, unclaimed property auditors have turned their attention to the mutual fund industry with a focus on identifying Individual Retirement Account (IRA) owners who may have died. Massachusetts State Treasury Requests National Records In recent months, the Massachusetts State Treasury has demanded mutual fund records in […]
An Invitation for Bids (IFB) for Maryland unclaimed property audit services was recently issued by the State Comptroller. Presently, there are six third-party auditors who are under contract by the state to conduct Maryland unclaimed property audits.
On May 8th, the Delaware Legislature introduced a bill that would place restrictions on the unclaimed property audit process in an effort to regulate the business practices of third party auditors. Senate Bill 215 proposes to prohibit the State Escheator from paying third party unclaimed property auditors on a contingency fee basis or by commission. […]
September 30th, 2014 is the final deadline to enroll in the Delaware Unclaimed Property VDA Program. If you have a reporting obligation to Delaware – meaning your company is incorporated in Delaware, operates in Delaware, or has investors, customers, or shareholders in Delaware – then it is highly encouraged to enroll in this voluntary compliance initiative before […]
The unclaimed property litigation in the United States District Court for the District of Delaware, Select Medical Corporation v. Cook case reached a settlement on Monday, January 20, 2014. Although it has been reported in media outlets that the parties have settled the matter, the terms of the settlement have not been disclosed nor made […]