Appeal from U.S. District Court for Northern District of California Filed: August 26, 2009
Suever, et. Al v. Connell, Chivaro, DeLeon, and Westly
(in their individual and official capacities)
Owners alleged that the California Controller's office employed auditors to pressure financial institutions to escheat assets improperly; failed to notify owners; failed to pay the proper amount of interest and/or fair value for the assets; and destroyed documentation pertaining to ownership. The Ninth Circuit decision declared that the State is not required to pay any interest or to return any more than the funds realized from the liquidation of the asset.
Legal Disclaimer: The analysis and opinions expressed herein are those of the authors and do not necessarily represent the views of the Unclaimed Property Professionals Organization (UPPO) or its officers, directors or members. Information provided in this document is for background and is not intended as legal, tax or accounting advice on compliance or reporting requirements and shouldn’t be used for such purposes. UPPO urges readers to consult with your own legal counsel, tax or accounting professional.
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