Treasury Department Sued For Unclaimed Bonds
October 19th, 2009 - 6:05 pm ICT by GDBy Ranjan Bhaduri
Oct. 19 (THAINDIAN NEWS)The federal government is now facing a lawsuit for the money it had raised around 70 years ago for the funding of the World War II. The first saving bond was bought by President Franklin. D. Roosevelt, after which billions of dollars were raised by issuing them to the public. These war bonds which were repayable after a period of 40 years were issued as late as the 1980s.
The certificates were bought in ample at the rate of at least one bond being bought by most of the American families. However, with the passage of time people forgot to cash them, resulting in an unclaimed amount of $16.7 billion in certificates. Now, as many as six states have filed a suit against the federal government, laying a claim to the amounts.
The States have appointed the firm Kirby McInerney to represent them in the lawsuit. According to a partner at the firm, David Bishop, once the states get the money they will then proceed to find the original descendants of the bond purchasers or the legal owners of the amount, for which they already have an established system. In case the owner is not located, the money will be used for the betterment of the communities, where the bonds were purchased. The U. S. attorney’s office representing the Treasury did not issue a comment on the matter.
In case the States involved- Kentucky, Oklahoma, New Jersey, North Carolina, Montana and Missouri, win the suit they may establish a stream of funding from the capital for the future. But if the the case is won by the government, billions of dollars belonging to the common citizens will be lost to the Treasury.
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Tags: 1980s, american families, betterment, billions of dollars, certificates, citizens, david bishop, descendants, federal government, franklin d roosevelt, jersey north carolina, kirby mcinerney, montana, passage of time, president franklin d roosevelt, saving bond, treasury department, unclaimed bonds, war bonds, world war ii
