New Jersey ~ Unclaimed Property: U.S. Supreme Court Will Not Review Travelers’ Cheques Law Change

A corporation that engaged in travel-related services has been denied U.S. Supreme Court review of whether New Jersey’s retroactive shortening from 15 years to three years of the period after which not-yet-used travelers’ cheques are presumed abandoned violates the federal Due Process Clause by allowing the state to confiscate the proceeds of private enterprise under an arbitrary and unreasonable presumption of abandonment. The corporation also had challenged the law change on the basis that it effected an unconstitutional taking. The federal appellate court had ruled that the corporation had not shown a likelihood of success on the merits of its claim. (TAXDAY, 2012/01/13, S.13 )

American Express Travel Related Services Co., Inc., U.S. Supreme Court, Dkt. 12-105, petition for certiorari denied October 1, 2012

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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