Delaware has agreed to pay a total of $102 million in a legal settlement with Pennsylvania and other states over unclaimed property. The settlement stems from allegations that Delaware had been holding onto unclaimed funds from abandoned bank accounts, utility deposits, and other sources, instead of turning them over to the rightful owners or state governments. This practice is a violation of the law, as state governments are required to hold unclaimed property for safekeeping until it can be returned to its owners.
The settlement was reached after an investigation by Pennsylvania Attorney General Josh Shapiro and other state officials uncovered evidence that Delaware was not following proper procedures for handling unclaimed property. As a result of the settlement, Delaware has agreed to change its practices and improve transparency in its handling of unclaimed property.
The $102 million settlement will be distributed among the participating states based on the amount of unclaimed property that was improperly held by Delaware. Pennsylvania is expected to receive a significant portion of the settlement funds, which will be used to return unclaimed property to its rightful owners. This is a significant victory for Pennsylvania and other states that have been fighting to recover unclaimed property from Delaware.
Overall, the settlement underscores the importance of proper handling of unclaimed property and the need for state governments to follow the law in returning these funds to their rightful owners. It also sends a message that states will hold each other accountable for any violations of unclaimed property laws. This settlement is a step in the right direction towards ensuring that unclaimed property is properly handled and returned to its rightful owners.
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