Unclaimed Funds Windfall: West Virginia Scores Big in Multistate Settlement

In a significant legal victory, West Virginia is poised to receive over $3.8 million as part of a settlement in a case against the state of Delaware involving unclaimed property and MoneyGram transfers. This settlement, reached through a bipartisan coalition of 30 states, marks a triumph for the state and its residents, who will now see these funds rightfully returned to their rightful owners.

Reclaiming What's Rightfully Ours

The Unclaimed Property Battle

The story began in 2016 when West Virginia's Attorney General, Patrick Morrisey, joined forces with a bipartisan coalition of 30 states to file a lawsuit in the U.S. Supreme Court. The lawsuit sought to reclaim hundreds of millions of dollars that had been wrongfully given to the state of Delaware. These funds originated from uncashed money orders sent through MoneyGram, which should have been returned to the states where the money orders were purchased.After years of legal wrangling, the Supreme Court issued a unanimous ruling in 2023, declaring that the funds must be returned to the states where the uncashed money orders or similar products were initially purchased. This landmark decision paved the way for the current settlement, which will see West Virginia and its partner states receive their rightful share of the unclaimed property.

The Monetary Windfall

Under the terms of the settlement, the state of Delaware will transfer more than $102 million back to the coalition of states. This amount includes approximately $89 million that was deposited by MoneyGram into an account while the litigation was ongoing, as well as the accrued interest.As a result of this settlement, West Virginia is set to receive a substantial $3,823,000, plus interest. This windfall represents a significant financial boost for the state, which can now utilize these funds to improve various aspects of its infrastructure, including schools, parks, and roads.

A Collaborative Effort

The successful outcome of this case was the result of a collaborative effort between West Virginia and its partner states. The coalition, which includes Alabama, Arizona, Arkansas, California, Colorado, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming, worked tirelessly to ensure that the funds were rightfully returned to their respective states."This is a great victory for West Virginia and our partner states — the money rightfully belongs to West Virginians," said Attorney General Patrick Morrisey. "Every dollar unlawfully held elsewhere represents another dollar of accrued interest that our state can utilize to improve its schools, parks, roads, and other critical infrastructure."

The Significance of the Settlement

The settlement reached in this case holds significant importance for West Virginia and its residents. The recovered funds will provide a much-needed financial boost, enabling the state to invest in areas that directly benefit its citizens. From improving education and public facilities to enhancing transportation infrastructure, these resources can be strategically deployed to enhance the quality of life for all West Virginians.Moreover, the successful legal battle serves as a testament to the power of collaboration and perseverance. By working together with a diverse coalition of states, West Virginia has demonstrated its commitment to protecting the financial interests of its residents and ensuring that unclaimed funds are rightfully returned to their rightful owners.As West Virginia prepares to receive this substantial windfall, the state's leaders and residents can look forward to the positive impact these funds will have on the state's future. This settlement not only represents a financial victory but also a testament to the state's unwavering determination to safeguard the well-being of its citizens.