Delaware VDA Lawsuit Settled - Everything Stays the Same
In April of this year, we noted a lawsuit filed against Delaware's unclaimed property authorities arising out of a Voluntary Disclosure Agreement with Select Medical that became adversarial. The lawsuit, which was being watched closely by unclaimed property professionals, challenged, among other things:
- Delaware's use of estimation prior to the enactment of the statute authorizing estimation;
- Delaware's alleged use of "arbitrary and capricious" estimation methods;
- the inclusion of non-dormant property in Delaware's estimation procedures; and
- Delaware's claimed disregard of the Texas v. New Jersey priority rules.