Unclaimed Property

Overview

States have long asserted the right to collect unclaimed or abandoned property and to hold that property until its true owner can claim it. In recent years, states have begun aggressively using this “escheat” authority to collect intangible property held by businesses and to use that unclaimed property as a source of revenue. States often rely on private, multistate, contingent-fee auditors using aggressive audit estimation to generate significant assessments for underreported property.

Clients rely on us for our thoughtful and practical approach to addressing unclaimed property challenges. From advising on mitigating potential exposure to fighting unwarranted audits and assessments, our attorneys implement effective compliance strategies. We work closely with our clients’ in-house teams and their external consultants to protect their rights and work toward the best outcomes. Our realistic, no-nonsense guidance helps businesses manage risk and address issues before they become problems.

Our seasoned team has advised clients on virtually every facet of unclaimed property compliance across a broad variety of industries and has represented clients in unclaimed property audits and litigation throughout the nation.

These are some of the services we offer:

  • Provide state-by-state compliance requirements.
  • Review and modify internal compliance policies and procedures.
  • Prepare and update data security practices.
  • Analyze audit exposure, structured transactions and reorganizations.
  • Defend multistate unclaimed property audits.
  • Negotiate state settlements.
  • Navigate and negotiate voluntary disclosure agreements.

Select Experience

  • Participated in drafting the business-to-business exemption in the Ohio Unclaimed Funds Act.
  • Supervised consultants to respond strategically and efficiently to a multistate contingent-fee audit of a life insurance company while challenging the implementation of Death Master File matching procedures.
  • Counseled a multistate client on the implementation of the dissolution and liquidation of its non-ERISA benefits plan in compliance with the unclaimed property laws of more than 30 states.
More »

Experience

  • Participated in drafting the business-to-business exemption in the Ohio Unclaimed Funds Act.
  • Supervised consultants to respond strategically and efficiently to a multistate contingent-fee audit of a life insurance company while challenging the implementation of Death Master File matching procedures.
  • Counseled a multistate client on the implementation of the dissolution and liquidation of its non-ERISA benefits plan in compliance with the unclaimed property laws of more than 30 states.
  • Represented a retailer in an aggressive audit of unused gift card balances held by affiliates.
  • Settled a significant audit assessment of an oil field services company involving contract auditors estimating unclaimed property liability for a 25-year period.
  • Represented a financial intermediary in establishing unclaimed property procedures, including agreements with third-party payers.
  • Represented an oil and gas company in settling an assessment for suspense account royalties.
  • Successfully settled a nine-figure assessment in Delaware.

News

Publications