RICHMOND, Va. — Virginia is expected to receive an estimated $5,326,921.07 from a $190 million bipartisan multistate settlement to end the outstanding damages phase of an unclaimed property dispute before the United States Supreme Court, according to Attorney General Jason Miyares.
For eight years, Virginia and its coalition partners were in litigation with MoneyGram Payment Systems, Inc. over unclaimed money the company had issued to customers.
Last year, the U.S. Supreme Court unanimously sided with Virginia and ruled the unclaimed checks are governed by the Federal Disposition Act.
"We stood firm in our fight, and the Supreme Court agreed with us," said Miyares. "I'm proud of this coalition's efforts to bring this issue to a close, and my office's work to secure these funds for Virginians."
Under the terms of the settlement, Delaware will transfer more than $102 million of the property that MoneyGram reported to Delaware from 2011 to 2017 to the coalition states, based on each monetary instrument’s place of purchase. Virginia will assume custody of its portion of the settlement as well as responsibility to pay any claims for the property.
