The U.S. Supreme Court has agreed to hear Pennsylvania Treasury’s lawsuit seeking to recover more than $10 million in unclaimed property funds that were submitted to the state of Delaware over a 10-year period.
“I am pleased the U.S. Supreme Court has agreed to consider our case. Under both state and federal law, the money in question legally belongs to Pennsylvania and should remain in Pennsylvania,” said Pennsylvania Treasurer Timothy Reese. “We look forward to presenting our argument to the court.”
The decision to hear the case is bad news for Delaware, which claims funds from companies incorporated in the state and has made aggressive moves over the years to claim the money and faces a structural budget gap. According to one report, the gap will worsen in coming years, minus spending cuts or tax and fee increases.