Robert Peters Quoted in FinOps Report: Unclaimed Assets – Delaware Lawsuit Resurrects Ops Headaches

Robert Peters, Managing Director in Duff & Phelps Unclaimed Property and Tax Risk Advisory Practice, was featured in FinOps Report discussing the need for unclaimed property operations managers at U.S. financial firms to stay proactive when it comes to ensuring correct administrative and reporting procedures. The recent lawsuit filed by Illinois-based chemical supplier Univar against the state of Delaware encourages holders of unclaimed accounts to start preparing for a potential audit and take steps to proactively defend themselves against future assessments by states.

Robert recommends that, “Unclaimed property operations managers shouldn’t wait for a court decision in the Univar case. Instead, they should consider conducting their own self-audit immediately to determine if they are compliant with Delaware’s unclaimed property laws and assess their potential liability.” Robert believes that most errors occur because firms do not thoroughly research unresolved transactions until when they may be categorized as unclaimed years later.

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