Overview
Diann Smith said that a Delaware lawsuit over the classification of unclaimed gift card liabilities under state unclaimed property laws “is definitely something that anybody that’s involved in the retail gift card industry should be following.” Noting that the case is a qui tam action, Ms. Smith observed that “the concept that this is some kind of whistleblower telling Delaware something that it didn’t know just isn’t true” because “these types of [gift card] structures were not a secret,” and added that the case could be dismissed on that ground alone.
