The Delaware Supreme Court recently ruled in favor of Overstock in its gift card escheatment appeal. The 5-0 decision by the Delaware Supreme Court reverses the lower Delaware Superior Court’s judgment for $8.6 million against Overstock.
The lower court had held a jury trial regarding whether Overstock had concealed abandoned gift card balances and entered judgment against Overstock in October 2019. The Delaware Supreme Court’s decision reverses that $8.6 million judgment.
“We have great respect for the state of Delaware and its trial and appellate courts,” said Overstock vp/general counsel E. Glen Nickle. “We are pleased the Delaware Supreme Court accepted our arguments.”