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HELENA, Mont. — The federal government is facing a lawsuit over billions of dollars’ worth of unclaimed bonds that date back to the patriotic fundraising of World War II.
Many American families bought at least one bond, and many never cashed them in — due in part to a 40-year maturity for the bonds. More than $16 billion worth of the bonds have been unclaimed, lost or forgotten after the purchasers died.
The state attorneys general suing the Treasury Department want the money given to the states, which have a legal system in place for finding the owners of unclaimed funds.
