In the News March 16, 2015

Kendall Houghton Quoted by Ignites on Unclaimed Property Audits

State auditors are increasingly pursuing mutual fund firms and their transfer agents for so-called unclaimed property. Concerned about this trend and the aggressive stance taken by auditors, fund firms are sparring with states over their methodologies, particularly regarding individual retirement accounts.

“Responding to audits can demand significant resources of fund companies,” said Kendall Houghton, partner and co-leader of Alston & Bird’s Unclaimed Property Group. “The audits can last two to six years, on average.”

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