I was a foreign employee of a US org and had a few shares through the ESPP plan. The shares were initially held by Shareworks. I left the org in 2020 and later it was held by Morgan Stanley.
When checking my a/c I noticed my shares missing and on contacting Morgan Stanley they informed that my shares were escheated to State of Delaware( where most US companies are incorporated) in Feb,2024. They sent me no prior notices and the agent at Morgan Stanley accepted that they don’t see any notification and ask me to keep an eye on unclaimed property for the state of Delaware.
I have since been checking and have recently seen my assets on the website. According to Morgan Stanley they say the shares were liquidated and I will be able to claim the cash and may not be able to get back the shares. I just feel so wronged and what annoys me is lack of notice from Morgan Stanley’s end.
I’d been digging around a bit and apparently this happens to a lot of shares holders, specially foreign holders. I want to know if there’s anything I can do other than claim the money. My shares have seen a significant increase in time and I’d not want to lose them if there is any change of getting them back. I atleast want to be able to flag Morgan Stanley’s behaviour in the whole fiasco.
I’m looking for any advice on things I can do.