UPDATE: 5/28/2020 — A judge has ruled in favor of Gov. John Bel Edwards in the lawsuit challenging the transfer of excess dollars from the Unclaimed Property Program to the state general fund.
19th Judicial District Court Judge Richard Moore, III, gave his ruling on May, 28, 2020. The ruling states that State Treasurer John Schroder must transfer $7.3 million excess dollars from the fund into the state general fund for fiscal year 2019 and $25.2 million in excess unclaimed property for fiscal year 2020.
According to a press release from the Governor’s Office, Treasurer Schroder refused to follow the law requiring him to deposit excess money from the Unclaimed Property Fund into the state general fund, arguing that this money did not belong to the state. In his ruling, Judge Moore disagreed, saying that Treasurer Schroder’s interpretation of the law “leads to absurd consequences.”
To read the full ruling, click here.
ORIGINAL: (AP) 2/7/2020 — Gov. John Bel Edwards is suing Louisiana’s state treasurer for blocking a $25 million fund transfer the governor and lawmakers earmarked for state operating expenses.
The Democratic governor is asking a judge to declare Republican state Treasurer John Schroder’s actions illegal.
Schroder has refused to shift the $25 million from Louisiana’s unclaimed property account this budget year and he blocked a $15 million transfer last year.
The fund includes unclaimed money Louisiana collects from things such as old savings accounts, payroll checks and utility deposits on behalf of residents.
The treasurer’s office tries to locate people and return the money. Governors and lawmakers for decades have spent unclaimed property money on programs and services.
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