Texas Justices To Eye Fight For Unclaimed Settlement Funds

By Ama Sarfo (August 26, 2013, 3:06 PM EDT) -- Texas' high court agreed Friday to hear whether the state's unclaimed property law entitles it to take unclaimed class action settlement funds that are earmarked for charities, in the case of a homebuilder that settled claims it failed to obtain insurance coverage for subcontractors.

The Texas Supreme Court granted a petition for review filed by Highland Homes Ltd., which says a state appellate court committed a grievous error when it ruled that unclaimed settlement funds in Highland's settlement must be turned over to the state instead of a charity provided for in the settlement agreement. Highland says the ruling could upend...

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