WASHINGTON (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 this week 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.
