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High Court Won't Hear Calif. Dispute Over Unclaimed Property

Wikipedia / Creative Commons
 

Wikipedia / Creative Commons

(AP) — The Supreme Court won't hear a dispute over California's system for notifying people about money left in neglected bank accounts, forgotten shares of stock or other unclaimed property.

The justices on Monday let stand a lower court ruling that said state officials are making adequate efforts to find the rightful owners of abandoned assets before transferring them to the state.

A group of residents filed a lawsuit claiming it's not enough for the state to mail a notice to the owners' home and publish an ad in a general circulation newspaper. They say the state is profiting from seizing billions in unclaimed assets and should be required to use public databases and other resources to locate potential owners.