Don't Abandon the Abandoned Property Law. You May Lose Interest.
GDB Firm Blog
OCTOBER 14, 2019
Busy bodies, like whistleblowers, can sue to collect money fraudulently withheld from New York State, and share in the recovery if they win. In 2015, a data analytics company sued J.P. Morgan for allegedly fraudulently delaying the date when it was required to pay abandoned property to the Comptroller, and not paying interest during the delay. In August 2019, the court held that interest was required to be paid.
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