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Unclaimed Property

NEWS
March 17, 1988 | CARL INGRAM, Times Staff Writer
A Superior Court judge Wednesday gave state Controller Gray Davis permission to start the enormous task of "reuniting" Bank of America depositors with $47 million in cash the bank took from their dormant accounts. The action of Judge A. Richard Backus appeared to knock down the final barrier to resolution of the contentious 13-year-long fight between the state controller's office and the bank.
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NATIONAL
October 18, 2009 | David Cho, Cho writes for the Washington Post.
Nearly 70 years ago, the federal government began issuing hundreds of billions of dollars in savings bonds to finance the greatest war effort in the nation's history, with President Franklin D. Roosevelt buying the very first one. But the bonds came with a catch: They wouldn't be paid off for 40 years. As the decades passed after World War II, $16.7 billion worth of bond certificates were either forgotten in dusty attics or thrown out in the trash. That treasure has remained unclaimed, but a lawsuit could change that.
NEWS
August 15, 1999 | KATHY M. KRISTOF, TIMES STAFF WRITER
As much as $260 million in property held by the state of California is virtually impossible for the rightful owners to reclaim because their names have not been recorded, a Los Angeles Times investigation has found.
NEWS
February 27, 1988 | CARL INGRAM, Times Staff Writer
The state of California and Bank of America have reached a "historic and unique" $27.6-million settlement in their 13-year fight over the bank's former practice of wiping out dormant customer accounts and failing to pay interest on the deposits, The Times learned Friday. In the settlement, the bank agreed to pay the state $21.1 million in cash and turn over for the benefit of the public $6.
BUSINESS
May 20, 1999 | KATHY M. KRISTOF, TIMES STAFF WRITER
Ladies and gentlemen, check your safe-deposit boxes. And hurry. The California controller's office will hold its annual auction of "abandoned" property from safe-deposit boxes throughout the state May 27-28 at Hotel Sofitel in Los Angeles. Many other states will hold similar auctions in the coming months.
BUSINESS
May 28, 1999 | LIZ PULLIAM, TIMES STAFF WRITER
California State Controller Kathleen Connell will ask the Legislature's permission to spend more money to search for the owners of unclaimed property after The Times, on the eve of a huge state auction of supposedly abandoned safe deposit box contents, was able to quickly locate people the banks didn't find.
OPINION
October 9, 2010
In a rematch of their 2006 race, Democrat John Chiang, now the incumbent state controller, faces off against Republican state Sen. Tony Strickland. Voters should ask themselves whether budget-busted California would have been better off had the single-minded Strickland won last time and been responsible for issuing or withholding paychecks, keeping an eye on cash flow and auditing state functions. There are a lot of things the state should have done differently over the last four years, but choosing a different controller is not one of them; Chiang was the best choice then, and his generally good performance during the last four budget meltdowns makes him the best choice now. In a low-profile office, Chiang has done an admirable job of sharing financial data with the public and spotlighting the depth of the state's fiscal crisis.
NEWS
May 17, 1990 | CARL INGRAM, TIMES STAFF WRITER
State Controller Gray Davis wants to cancel an extraordinary attempt to reunite missing Bank of America customers with $40.4 million of their money and instead use the funds to reduce the state's cash shortage. In papers filed with the Sacramento Superior Court, Davis said he has "exhausted all reasonable" efforts to find owners of the unclaimed money that was illegally kept by the bank. He argued that searching any further would "not be cost-justified."
NEWS
April 8, 1988 | CARL INGRAM, Times Staff Writer
State Controller Gray Davis on Thursday launched a campaign to locate about 2 million depositors of the Bank of America who are owed $36 million in refunds. However, the bank took issue with a centerpiece of the campaign--a Davis television commercial in which he accuses the financial institution of a customer "rip-off."
BUSINESS
June 11, 1999 | KATHY M. KRISTOF, TIMES STAFF WRITER
If you want to know how hard the state of California is looking for the owners of lost property, just ask Gerald Holt Jr. of Palmdale. "They're not looking at all," he says. Holt recently spent time searching the state's online database. He found that the state's unclaimed-property division, which holds property "abandoned" by people and entities that cannot be found, owes the city of Los Angeles more than $11,000. It owes Los Angeles County more than $100,000.
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