DOVER, Del. (AP) - Attorneys have settled a federal lawsuit filed by a Pennsylvania-based hospital and clinic operator challenging a Delaware abandoned property claim of almost $300,000.
Delaware officials sent a letter to Select Medical Corp. last March, giving the company 30 days to pay for unclaimed accounts payable before facing penalties and interest.
Select Medical argued that Delaware's claim violated its due process rights and the commerce clause of the U.S. Constitution, amounting to an unlawful taking.
Attorneys filed a stipulation Monday dismissing all claims of both sides in the lawsuit. No other details were given.
Abandoned property, or escheat, is a major revenue source for Delaware, bringing in more than a half-billion dollars. That's more than the annual revenue from corporate income taxes and lottery and gambling proceeds combined.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)