NJ Treasurer Swipes Back Over Gift Card Law Controversy

Law360, New York (April 26, 2012, 5:59 PM EDT) -- Under pressure from American Express Co. and other gift card companies, New Jersey's treasurer on Thursday accused the industry of “mind-boggling” spin over a law transferring unused gift card balances to the state, which he argued protects consumers.

Though litigation and other factors have muddied the impact of the 2010 law, American Express, InComm and Blackhawk Network have all said they are pulling gift card products from New Jersey stores.

Testifying before the New Jersey Senate Budget and Appropriations Committee, Treasurer Andrew P. Sidamon-Eristoff said card...
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