Class Action Targets New Jersey's 'Very Different' Unclaimed Property Law
This suit was surfaced by Law.com Radar. Read the complaint here.
June 18, 2021 at 12:15 PM
1 minute read
Wilentz, Goldman & Spitzer and the Palmer Law Group filed a civil rights class action Thursday in New Jersey District Court against New Jersey State Administrator Kevin D. Walsh. The class challenges the constitutionality of the New Jersey Uniform Disposition of Unclaimed Property Act, which states that 'abandoned' property must be transferred from banking organizations to the New Jersey Unclaimed Property Administration. The complaint contends that the Administration currently holds $4 billion worth of 'abandoned' property. Counsel have not yet appeared for the defendant. The case is 3:21-cv-12706, Salvato v. Walsh.
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