Treasurer of New Jersey v. U.S. Department of the Treasury, No. 10-1963; Third Circuit; opinion by Greenberg, U.S.C.J.; filed June 27, 2012. Before Judges Hardiman, Greenaway and Greenberg. On appeal from the District of New Jersey. [Sat below: Judge Cooper.] DDS No. 21-8-7017 [65 pp.]
Seven states, including New Jersey, sought to recover the proceeds of matured but unredeemed U.S. savings bonds, mostly Series E bonds issued between 1941 and 1980, from the U.S. Treasury. They asserted that the Treasury possessed approximately $16 billion of such bonds, of which persons whose last known addresses were within the plaintiff states own $1.6 billion. The states contended that their respective unclaimed property acts obliged the Treasury to account for and deliver the proceeds of these bonds to them for reunification with their owners.
