Client Alerts

Delaware Overreach? Chancery Criticizes Delaware’s Unclaimed Property Audit Program, Limits Information Holders Must Produce and Places Burden on the State to Show Voided Checks Are Unclaimed Property

Earlier this month, the Delaware Court of Chancery issued an opinion in Department of Finance v. AT&T, Inc., C.A. No. 2019-0985-JTL (Del. Ch., July 10, 2020). The opinion itself is narrow in scope but its result, and several of its findings regarding Delaware’s administration of its unclaimed property program, should be assessed carefully by holders and their advocates. The opinion may... Continue Reading

State of Delaware Provides Additional 30 Days—Until July 18, 2020—for Companies to Enter Its Voluntary Disclosure Program: Audit Notices Will Be Sent to Those Who Do Not Enter the Program

Virtually all companies generate unclaimed property. This type of property includes unclaimed payroll or accounts payable checks, unapplied customer credits, and unclaimed dividends or shares. Under laws that exist in every state, property that is unclaimed by the owner after a defined period of time must be paid to the state of the last known address of the owner or, if that address is unknown,... Continue Reading

Update: District of Delaware Continues All Jury Trials Scheduled to Begin Before June 30

The U.S. District Court for the District of Delaware modified its COVID-19 standing order today. Although the Court remains open, all jury trials scheduled to begin before June 30, 2020, are continued under the revised order. Jury proceedings affected by the order will be reset by further order of the assigned judge. The Court has provided, however, that individual judicial officers may continue... Continue Reading

Court of Chancery Holds Delaware Has the Power to Compel Holders to Produce Information Sought in Unclaimed Property Audits

On May 21, 2020, the Delaware Court of Chancery issued an opinion denying a holder’s ripeness challenge to an administrative subpoena for documents issued by the Delaware Department of Finance pursuant to the amended provisions of the State’s abandoned and unclaimed property law.  In State of Delaware Department of Finance v. Univar, Inc., the Delaware Department of Finance filed a summary... Continue Reading

Five Delaware Law Developments for Venture-Backed Companies in 2020

The first quarter of 2020 has brought interesting Delaware law developments for private, venture-backed companies. As is often the case, arising issues for companies in the venture capital and private equity space have had a different emphasis from the public company area. While public companies may be considering issues such as “virtual” stockholder meetings, delayed... Continue Reading

Delaware Coronavirus Resource Center

4.16.2020 - Client Alerts

As COVID-19 continues to affect the legal community and the world in various ways, Delaware courts and state agencies have issued orders concerning COVID-19 measures. Here, we have consolidated key Delaware law resources on the unfolding situation. Our attorneys are committed to serving our clients through this challenging time... Continue Reading

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