2 weeks Ago By Katie King
Virginia expects to receive about $5.3 million related to a property dispute between Delaware and a coalition of other states. “Today’s settlement is a big win for Virginia consumers, resolving nearly eight years of litigation,” Attorney General Jason Miyares said in a Friday release.
The U.S. Supreme Court ruled last year that Delaware could not keep money from unclaimed MoneyGram checks.
MoneyGram is an international peer-to-peer payment and money transfer company. The court determined the unclaimed checks are governed by the Federal Disposition Act and should be returned to the states where the MoneyGram items were purchased. Under the terms of this week’s agreement, Delaware will transfer more than $102 million of the property that MoneyGram reported to the state from 2011 to 2017 to the coalition of states based on each monetary instrument’s place of purchase.
Virginia will assume custody of its portion of the settlement and the responsibility to pay any claims for the property, according to the release. “We stood firm in our fight and the Supreme Court agreed with us,” Miyares said. “I’m proud of this coalition’s efforts to bring this issue to a close, and my office’s work to secure these funds for Virginians.
” Delaware had argued it should keep the funding because MoneyGram is incorporated in the state. “In the context of tangible property, the escheatment rule is straightforward: The State in which the abandoned property is located has the power to take custody of it,” the court ruling states. “But determining which State has the power to escheat intangible property, which has no physical location, can be complicated, as multiple States may have arguable claims.
” A Miyares spokesperson said Virginians who are seeking to file a claim should visit https://moneygramremission.com/ Katie King, katie.king@virginiamedia.
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