Kansas and Thirty-five other states signed on to the $22 million settlement with Sprint which was recently announced. As a result, thousands of people will be able to claim their rebate checks and put money back in their pockets State Treasurer Dennis McKinney announced.
At the center of the suit was whether uncashed rebate checks are reportable under Kansas's unclaimed property laws and, if so, who is the proper party to report them to the State Treasurer. The Treasurer's Office runs the unclaimed property program to reconnect Kansans with their unclaimed property.
"The unclaimed property laws in Kansas were passed as strong consumer protection measures over 30 years ago," McKinney said. "As a Fortune 500 company based in Kansas, I applaud Sprint for its leadership in helping to ensure that Kansans are able to receive their rebates."
The lawsuit contended that either Young America or the retailer was responsible to report uncashed rebate checks to the Treasurer, making it possible for rebate holders to make a claim for their rebate check. The retailers contended that Young America was responsible, while Young America contended the retailers were responsible.
Sprint agreed to leave the disputed issues unresolved in order to avoid additional litigation and accomplish the settlement. Sprint denies any liability for the money claimed by the Treasurer and other states.
"This settlement will ensure that Kansans will be able to get the full value of any rebate checks issued by Sprint and processed by Young America from 1999 through 2002. In addition, Sprint has agreed to report all future unclaimed rebates annually," McKinney said. "Now we can go to work to find the rightful owners."
Sprint has taken the initiative to be a leader and responsible Kansas corporation by returning property to the rightful owners. We commend them on the efforts to step-up and do the right thing for their loyal customers and all of Kansas.
Each year thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, royalties, safe deposit boxes and other property. People often forget to furnish their bank, broker, employer, utility or insurance company with a forwarding address. It is the Treasurer's charge to locate the rightful owners and heirs to the over $209 million in unclaimed assets currently being held by the State of Kansas.
To search for unclaimed property please call the State Treasurer's office at 1-800-432-0386 or visit www.KansasCash.com.
