Oklahoma AG Counters Suit Challenging Unclaimed Property Fund Use
The Oklahoma attorney general is arguing in a court filing that a lawsuit challenging the state's use of its Unclaimed Property Fund should be dismissed.
In a motion to dismiss filed Thursday in Oklahoma County District Court, Assistant Solicitor General Jared Haines argues that state laws governing the fund are constitutional and that the lawsuit is without merit.
Oklahoma City attorney Jerry Fent filed the lawsuit last month, claiming the state is essentially operating a Ponzi scheme by routinely raiding the fund and using that money to fund state government operations.
Defendants in the lawsuit include the state of Oklahoma, Treasurer Ken Miller and attorneys who represent the treasurer's office.
The Unclaimed Property Fund has a current balance of about $90 million, with outstanding liabilities of about $550 million.
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