Leawood, KS – December 27, 2021: On October 28, 2021, the Third Circuit rendered a decision in the case Siemens USA Holdings, Inc. v. Geisenberger. Siemens brought this case to the district court to challenge the constitutionality of an escheat audit initiated by the state of Delaware. Siemens argued that Delaware’s actions conflicted with federal law limiting the scope of any state’s escheatment authority and filed a motion to preliminarily enjoin the Defendants from enforcing Delaware’s Unclaimed Property Law against it. The district court dismissed most of Siemen’s claims and denied the motion for preliminary injunction on the claim alleging a violation of procedural due process. The Third Circuit vacated the district court’s decision allowing the case to procced.
To read the Third Circuit ruling click here: Siemens USA Holdings, Inc. v. Geisenberger.
About the Compliance Libraries:
The Compliance Libraries provide a one stop location for comprehensive information on the laws, rules and standards regulating gift cards. Its range includes federal and state laws, GAAP accounting standards and tax rules along with other helpful items.
For more information visit www.compliancelibraries.com.
The Compliance Libraries are a service of Card Issuance & Management, Inc., a subsidiary of Card Compliant, LLC.