Government faces lawsuit seeking billions in unclaimed bonds dating back to World War II

Billions in unclaimed bonds date to World War II

HELENA, Mont. — The federal government is facing a lawsuit over billions in unclaimed bonds that date back to the patriotic fundraising efforts of World War II, leading to a showdown between states who say they should be given the money and a Treasury Department that claims ownership.

World War II sparked an unprecedented bond-buying campaign, spurred on by one of the largest advertising campaigns ever seen.

Most American families bought at least one bond at the time and many never cashed them in — thanks in part to a 40-year maturity in the bonds. And those same “Series E” war bonds continued to be sold by the federal government until 1980.

More than $16 billion worth of the bonds are unclaimed, either lost or forgotten about with the death of the original purchasers.