August 16, 2017
TOPEKA — A federal judge issued a ruling in support of longstanding claims the state of Kansas should take possession of about $150 million in unredeemed, matured U.S. Savings Bonds to improve prospects of identifying the rightful owner, officials said Friday.
Off and on for more than 15 years, Kansas officials have argued the U.S. Department of Treasury should work with the state to identify and return proceeds from matured bonds bought by people with last known addresses in the state. Kansas’ legal counsel asserted the state owned the bonds, despite not possessing the bond certificates issued decades ago by the Treasury Department.
U.S. Court of Federal Claims Judge Elaine Kaplan’s ruling Tuesday affirmed Kansas’ position on ownership of the so-called “absent” bonds, but stopped short of declaring Kansas could redeem the bonds.
Based on a lawsuit filed in 2015 and endorsed by a handful of other states, Kaplan found the treasury department in breach of contract for refusing to recognize Kansas’ ownership of the bonds.
“The court concludes that the (federal) government’s arguments lack merit, and that the undisputed facts entitle Kansas to summary judgment with respect to its ownership of the absent bonds,” she said in the ruling.
However, the judge noted further court action was necessary because “it is neither necessary nor appropriate for the court to determine at this stage in the proceedings whether Kansas is entitled to redeem the bonds.” In other words, the latest twist in the case only allowed Kansas to secure from the treasury department information necessary to make a request to redeem the bonds…
Vermont State Treasurer Beth Pearce, NAST’s incoming president, has partnered with Governor Phil Scott to launch a statewide Financial Literacy..