TowerGroup estimates that of the $97 billion worth of plastic gift cards purchased in 2007, nearly $8 billion has gone unused. Just what happens to that pile of cash has become a matter of some controversy. A lot of states—roughly half—claim that at least part of the unspent balances should go to them under their unclaimed-property laws. Other states let that excess dribble back onto retailers' income statements under varying conditions. Naturally, stores issuing the cards are scrambling to ensure the most advantageous accounting.
States trying to claim unclaimed Gift-Card Cash
Posted by LeeAdams under LegalFrom http://www.businessweek.com 5929 days ago
Made Hot by: on February 8, 2008 8:22 pm
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