Delaware Settles $102 Million MoneyGram Dispute

Delaware has agreed to a landmark settlement to distribute over $102 million in unclaimed MoneyGram funds to a coalition of 30 states following a unanimous U.S. Supreme Court ruling from February 2023. The ruling clarified that the unclaimed funds from MoneyGram checks belonged to the states where the purchases were made, not to Delaware, which had claimed the funds based on its escheatment practices. The settlement will also see an additional $89 million from MoneyGram's escrow account divided among all 50 states, with the suing states receiving a significant portion. Delaware State Escheator Brenda Mayrack expressed satisfaction with the resolution, emphasizing the need for cooperation in reuniting owners with their property. This case highlights the complex nature of unclaimed property laws and the revenue implications for states like Delaware, which relies heavily on unclaimed funds. The agreement marks a significant precedent for interstate cooperation on unclaimed property issues.