The U.S. Supreme Court’s first unclaimed property case in nearly three decades is unlikely to ignite dinner table debates. But for Delaware, the 30 states opposing it, and members of the financial community, the roughly $150 million at stake push it to the top of their list in terms of importance.
“The last time the Supreme Court heard an unclaimed property case was 1993,” Michael Lurie, counsel at Reed Smith, said. “There’s been no guidance from the court since then, and this is within the court’s exclusive [original] jurisdiction. Only the court can give guidance.”