The U.S. Court of Appeals for the Third Circuit affirmed a district court’s holding that the U.S. Treasury is not obligated to dispense $1.6 billion worth of unclaimed bonds to the states in which their owners live.
Seven states, including Pennsylvania and New Jersey, say that the U.S. Treasury holds $16 billion in matured, but unclaimed, bonds and that the states’ various unclaimed property acts require it to transfer the portion of those proceeds that belongs to their residents.
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