Tenative settlement reached in unclaimed funds lawsuit

Jul 13, 2012

The Ohio Department of Commerce says a tentative settlement in a lawsuit over interest earned on unclaimed funds is worth up to 15 million dollars. The department collects money from dormant bank accounts, forgotten rent deposits and other sources and invests the money until the owners are found. A judge previously ruled the interest must be paid to residents who have collected their money. The department says people who have collected funds since August 3rd of 2000 are eligible for interest under the settlement. The deal must be approved by a court.