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OAG News: RadioShack Goes Bankrupt; Gift Card Holders Can Recover Unused Balance on the Card

By District of Columbia Bar

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We’ve all been here before: Someone you love dearly gave you a gift card for your birthday. You put it away and completely forget about it. When you find it again, probably under your appointment reminder postcard from your dentist, you realize it expired or worse; the company went bankrupt. 

However, this holiday season RadioShack gift card holders can rejoice because the Office of the Attorney General announced on December 3 that they can file a claim to recover the unused balance on the card. Happy holidays!

Attorney General Karl A. Racine said in a statement:

“Consumers deserve to get their money’s worth, and I am pleased that this agreement will help ensure consumers who bought RadioShack gift cards don’t lose their money because the company declared bankruptcy.”

So here is information General Racine wants you to know:

1. All claims will be reviewed according to the court-approved plan and settlement, which established the RSH Liquidating Trust and authorized it to review and approve claims in accordance with the Court’s orders.

2. Under the Court’s order, the Trust will treat as a priority claim and pay 100 percent of the balance on the cards to consumers holding gift cards that were purchased (by either the holder of the card or by the person who gave the card as a gift) from RadioShack stores, the website or any of its authorized sellers.

3. The deadline for filing claims is December 2, 2016, and consumers in the District of Columbia and nationwide are eligible to file proofs of claim.

4. No one associated with this settlement will contact consumers to ask for personal or financial information or to request any payment. Consumers asked for such information or payment should say “no” to those requests and alert OAG’s Consumer Protection Hotline at (202) 442-9828.

Read more: OAG Release

Read more: Frequent Q & A

     Read more: How to File a Claim