James Burns and Jennifer Borek Article "Gift Card Amendments Redraw Legal Battle" Featured on Paybefore™

November 29, 2012  |  By: James M. Burns, Esq., Jennifer Borek, Esq.

Author: James M. Burns, Esq. and Jennifer Borek, Esq. View the article (pdf) Partner James Burns and Counsel Jennifer Borek's article "Gift Card Amendments Redraw Legal Battle" was featured  on Paybefore™ on November 28th.  Paybefore™ is the leading trade publication for the prepaid card industry. Mr. Burns and Ms. Borek provide a history and analysis of the two year legislative and legal battle in New Jersey over the right to custody of dormant gift card balances.  Genova Burns represented the New Jersey Retail Merchants Association in the seminal case on this subject, New Jersey Retail Merchants Association v. Sidamon-Eristoff, et al; the United States Supreme Court recently denied the state's Petition for Certiorari on a portion of the Third Circuit decision. The authors conclude that: "Although retailers can now breathe a sigh of relief that the day of reckoning on gift card escheat has been forestalled for a period of time, the ultimate requirement to register gift cards and escheat to New Jersey still exists. However, with at least three years before escheat will be required...retailers and third-party issuers presently can shift their focus toward developing a business strategy that will minimize, if not negate, the requirement to escheat." To read the full article please click here or above.