State reaches rebate-check settlement with Sprint

The state of Missouri and Sprint reached a settlement in a lawsuit regarding the ownership of unclaimed and uncashed rebate checks, according to an announcement Thursday from State Treasurer Clint Zweifel and Attorney General Chris Koster.

The suit, which was settled for $303,000, centered on whether uncashed rebate checks must be reported under the state's unclaimed property laws, and who should report them to the treasurer's office. The company reached agreement with 36 states, totaling $22 million.  

"The law requires companies to report abandoned property to my office each year,” Zweifel said in the release.  “We argued that rebate checks become unclaimed property under Missouri law if they go uncashed for five years, the same way that stocks and bonds become unclaimed property."

More than 3,600 Missouri residents have been added to the state's unclaimed property Web site, showmemoney.com, as a result of the settlement.

The suit began in 2006 against Young America Corp., a Minnesota-based rebate processor, and contended that either Young America or the companies using Young America's services were responsible for reporting uncashed rebate checks to the treasurer's office. Young America said the responsibility fell on the retailers, while the retailers said it fell on Young America.[[In-content Ad]]