COLUMBUS, Ohio - If you collected unclaimed funds from the state of Ohio, you may have another paycheck headed your way. The state entered a $15 million proposed settlement agreement to resolve a class action lawsuit over interest paid on these funds.
NewsChannel 5's Jenn Strathman has been pushing the state for years on this case. Last fall, Ohio Attorney General Mike Dewine told Strathman it was time to settle the case .
The lawsuit has been ongoing for years, and this is a big step toward resolving the issue. If the settlement is approved by the court, you will be eligible to get interest on your unclaimed funds received since Aug. 3, 2000. unless the amount of interest is less than $5.
The state estimates 500,000 Ohioans were paid money since Aug. 3, 2000. It's unclear how many funds earned $5 or more in interest while the state held the money.
The state says the interest paid each year varied from 0.4 percent to 2.6 percent some years. Here is the interest rate breakdown year to year for Fiscal year ending June 30th:
2001 – 2.617 2002 – 1.962
2003 – 1.154 2004 – 1.068
2005 – 1.131 2006 – 1.888
2007 – 2.435 2008 – 2.274
2009 – 1.347 2010 – 0.720
2011 – 0.410 2012 – 0.410
You will be paid the amount of interest earned on your money while in the state's safekeeping.
"We are pleased that the settlement resolves this suit while protecting the interests of Ohio taxpayers," said David Goodman, director of the Ohio Department of Commerce. "Taxpayers would have been responsible if we had committed more money than what was actually earned."
The state said it has the money to pay this settlement, which is still pending final approval by the court.
We have a partial database of people who requested unclaimed funds since Aug. 4, 2000, through the fall of 2010. We are awaiting an updated list from the state through 2012.
Click here to search our database to see if you potentially could be paid under this settlement: http://on.wews.com/MmXx9N
It depends on if your interest is over $5.
Click here to search for unclaimed funds: http://on.wews.com/NoRmo6
The state has a formula it will use to pay future claimants interest.
Keep checking newsnet5.com for more information. We'll have much more on this developing story on the early editions of NewsChannel5.
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