Opinion ID: 803222
Heading Depth: 1
Heading Rank: 1

Heading: introduction

Text: 4 In this action seven plaintiff States (“the States”) sought to recover proceeds of matured but unredeemed United States savings bonds from the United States Treasury (“the Treasury”).1 In addition to the Treasury, the States also named other United States Government entities and officials in their official capacities as defendants and we refer to all the defendants collectively as the “Government” or “Federal Government.” The States asserted that the Treasury has possession of approximately $16 billion worth of matured but unredeemed savings bonds, of which persons whose last known addresses were within the plaintiff States own $1.6 billion. The States contended that their respective unclaimed property acts obliged the Treasury to account for and deliver the proceeds of these bonds to the States for reunification with their owners. The Government moved to dismiss the case and the District Court granted its motion as it concluded that the Government‟s sovereign immunity and intergovernmental immunity barred the action and that federal law and regulations preempted the States‟ statutory authority to obtain the proceeds of the savings bonds. Six of the States appealed. Though we do not agree with the District Court with respect to the application of sovereign immunity, we do agree with its other conclusions and therefore we will affirm.