High court won't hear Calif. dispute over unclaimed property

AP News
Posted: Feb 29, 2016 9:48 AM

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 on Monday 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.