Who is the holder? Unclaimed property audits always begin with an analysis of who is responsible for reporting unclaimed property. In 2003, 45 states initiated an audit of Young America, the Minnesota rebate fulfillment company. The audit and subsequent litigation went on until 2010, when retailers settled with the various states. Seven years later, Sprint settled for $22 million and 36 states.
Retail companies such as Sprint, T-Mobile and Walgreens, entered into rebate fulfillment contracts with Young America. Young America was to accept and process rebate applications, paying out valid submissions. The retailers would pay to Young America the full value of all valid submissions, but Young America would retain any uncsahed rebate checks. The "slippage" was later taken into income by Young America, to the tune of about $43 million from 1995 - 2002. States wanted the slippage as unclaimed property and authorized Affiliated Computer Services (ACS) to begin an audit.