North Carolina Unclaimed Money

More Unclaimed Class Action Funds Heading To Charities In Cleveland, Ohio. Cy ...

Cleveland, Ohio (PRWEB) June 20, 2011

Charities and non-profits are again smiling because of an upcoming distribution of over $2 Million Dollars from unclaimed class action settlement funds. The Northeast Ohio law firm, Dworken & Bernstein Co., LPA, announced that it again included a “cy pres” clause in the settlement of two major class actions involving consumer claims. Cy pres means that money which a defendant commits for the settlement of a class action is not returned to the defendant if class members cannot be found, and instead is directed to charities and non-profits.

In a settlement, both sides reach an amount of compensation which they agree is fair. "A settlement is an agreement which has terms that are presented to the court,” explained Patrick J. Perotti, managing partner of the Class Action and Employment Group of Dworken & Bernstein. “The parties gain the court’s approval based on the agreed terms. Truth in settlement means you actually pay the agreed amount, rather than having it slide quietly back to the defendant a year later. Demanding a cy pres provision in the settlement agreement makes the full payment happen, and makes the process transparent and honest.” Mr. Perotti typically will not settle a case without a cy pres provision. “Not all cases have leftover funds, but when they do, Dworken & Bernstein wants them distributed ‘as nearly as possible' to the intended benefit."

Charities and non-profits in Ohio have greatly benefited from Perotti's creativity and hard work. To date he has directed over $22.5 million dollars to organizations which help others. His most recent two settlements are providing over $2 Million Dollars of additional money to organizations that provide services for citizens with mental or physical handicaps, hunger centers,community redevelopment, educational programs, and many others. To see a full list of charities and non-profits that have benefited from this doctrine, go to http://www.ohiolawyersgiveback.org and click on charities.

“We especially want to thank CitiFinancial and Wells Fargo for working with us to set-up a fair and positive resolution to these matters. These companies acted with responsibility and community commitment in making these suits achieve lasting and positive results for people throughout Ohio who need it the most,” said Mr. Perotti.

Dworken & Bernstein Co., L.P.A. is the largest law firm in Lake, Geauga and Ashtabula Counties, Ohio with additional offices in downtown Cleveland. Serving the community for over 50 years, Dworken & Bernstein and its 25 lawyers and staff of 65 offers a full range of legal services for businesses, individuals, and families.

Find Unclaimed Money in North Carolina Before it is Used for ...

As of a last estimate, “The North Carolina Department of State Treasurer holds nearly $600 million in unclaimed property”. This roughly translates into one in eight North Carolinians have unclaimed money lying with the state treasury.

In the past year, over $39 million in unclaimed property has been returned. Like most of the other states, North Carolina’s unclaimed property consists of bank accounts, wages, utility deposits, insurance policy proceeds, stocks, bonds, and contents of safe deposit boxes that typically have been abandoned for one to five years.

According to the State Constitution, the interest earnings on the fund go to needy and worthy North Carolina public university and community college students.

The North Carolina General Statute 116B-55 states that “Financial institutions, hospitals and other businesses forward unclaimed tangible property, such as coins, jewelry, stamps or silver, to the Unclaimed Property Program after the owners abandon these items and cannot be located.”

If you think that you might be the owner of unclaimed money, then the following check list can be applied to retrieve the unclaimed cash: The Department of State Treasurer also provides a staffed booth at conferences, fairs and meetings.

North Carolina is one of those states where an official provision is made to utilize the unclaimed money towards college funds. According to the legislation,

• The interest earned on the funds goes to the State Educational Assistance Authority (SEAA) in the form of grants, loans and scholarships to North Carolina college students attending public universities and community colleges. • In 2009, the unclaimed property program assisted over 88,000 students.

In light of this, the citizens of North Carolina should be proactive in utilizing all the channels for claiming their lost funds. The last few years have seen State Fairs being held in October where an unclaimed money booths are set up, where the North Carolina citizens can search for unclaimed funds. This booth is organized and managed by NC Cash, the State Treasurer’s unclaimed property program.

State Treasurer, Janet Cowell, has urged the state residents to stop by the NC Cash booth to search for their unclaimed property. “Last year, attendees discovered over $140,000 in unclaimed property at the State Fair,” Cowell said.

“There are about one million properties currently in the database so there is a one in eight chance that a NC citizen is owed money.” In 2008, almost $40 million of unclaimed property was reclaimed by its rightful owners and the largest reclaim volume of 4400, in three years, was processed last month, with a total refund of over $6 million.

Unclaimed Property, A Reporting Process and Audit Survival Guide

The Hunt for Unclaimed Cash, A Treasury of Unclaimed Properties

Martindale's unclaimed money, lands and estates manual, Devoted to the interests of all who are in search of unclaimed money, lands or estates--next of kin--heirs at law--legatees, etc. ...

Unclaimed Money Finders Manual

Ohio unclaimed funds laws & rules annotated, Ohio Revised Code, chapter 169 : Ohio Administrative Code, chapter 1301:10 : complete to November 1, 1988