Examining how the U.S. Supreme Court’s decision in unclaimed property case affects Delaware
For decades, Delaware has brought in hundreds of millions of dollars annually from the so-called ‘abandoned property’ of the nearly two million companies that call the First State their corporate home.
Recently, others are taking issue with that practice. For example, Delaware has long said it can keep unclaimed cash issued by MoneyGram, the world’s second-largest money transfer company. But 30 other states sued Delaware over its claim on that unclaimed MoneyGram cash, arguing it should be returned to the state where the MoneyGrams were bought.
The U.S. Supreme Court recently decided the case, ruling against Delaware, which could cost the state upwards of $250 million.
Delaware Public Media’s Tom Byrne spoke this week with corporate governance expert Charles Elson – retired University of Delaware professor and Founding Director of UD’s Weinberg Center for Corporate Governance – about the Supreme Court’s decision and what it means for Delaware.
Corporate governance expert Charles Elson breaks down how SCOTUS's unclaimed property case decision impacts the First State with Delaware Public Media's Tom Byrne