{"id":125556,"date":"2023-11-30T20:23:48","date_gmt":"2023-12-01T01:23:48","guid":{"rendered":"https:\/\/www.thevalleyledger.com\/?p=125556"},"modified":"2023-11-30T20:23:48","modified_gmt":"2023-12-01T01:23:48","slug":"treasurer-stacy-garrity-ppl-agrees-to-provide-information-necessary-to-ensure-unclaimed-property-law-compliance","status":"publish","type":"post","link":"https:\/\/www.thevalleyledger.com\/?p=125556","title":{"rendered":"Treasurer Stacy Garrity: PPL Agrees to Provide Information Necessary to Ensure Unclaimed Property Law Compliance"},"content":{"rendered":"

PPL withdraws previous objections to Treasurer\u2019s subpoena<\/em><\/p>\n

Harrisburg, PA<\/strong>\u00a0\u2013 Treasurer Stacy Garrity announced today that PPL Corporation (PPL) has agreed to drop its opposition to and cooperate with the Pennsylvania Treasury Department\u2019s ongoing unclaimed property examination of the company.<\/p>\n

\u201cI applaud PPL for making this decision,\u201d Treasurer Garrity said. \u201cPennsylvania\u2019s unclaimed property law is designed to protect consumers and ensure that they can reclaim what is owed to them. Every company has a duty to comply with the law, and I will always fight to return unclaimed property to its rightful owners. This case involves unclaimed investments in PPL, so the company\u2019s decision to comply is an important win for PPL shareholders.\u201d<\/p>\n

Last week, Commonwealth Court granted PPL and Treasury\u2019s jointly filed application for Entry of Consent Order with the Commonwealth Court in which PPL agrees to end its opposition to Treasury\u2019s information requests and to comply with the ongoing examination. That action follows the Court\u2019s unanimous decision in June which required the company to provide records to Treasury\u2019s designated auditors and affirmed the State Treasurer\u2019s authority to conduct unclaimed property compliance examinations, to demand and receive relevant records in electronic format, and to conduct accuracy checks.<\/p>\n

PPL is working with Treasury to produce all of the requested documents and information.<\/p>\n

In May 2019, Treasury filed an enforcement action against the Allentown-based electric utility in Commonwealth Court. That step followed PPL\u2019s refusal in 2017 \u2013 more than six years ago \u2013 to provide the requested records electronically, claiming that Treasury didn\u2019t have the authority to demand and check the accuracy of those records. PPL\u2019s opposition prompted Treasury to issue a subpoena to enforce its records request. This was the first time in at least 20 years that Treasury had to file such an action.<\/p>\n

Treasury routinely conducts unclaimed property audits of companies. Typically, hundreds of these examinations are ongoing at any given point in time to determine whether the companies are complying with their legal obligation to report unclaimed property.<\/p>\n

More information about Pennsylvania\u2019s law governing the\u00a0reporting of unclaimed property<\/a>\u00a0is available on Treasury\u2019s website.<\/p>\n

Treasury\u00a0is working to return more than $4.5 billion in unclaimed property to its rightful owners. About one in ten Pennsylvanians is owed unclaimed property, and the average claim is worth about $1,600.\u00a0To search Treasury\u2019s database and see if any unclaimed property is owed to you, visit\u00a0patreasury.gov\/unclaimed-property<\/a>.<\/p>\n

STACY GARRITY, STATE TREASURER<\/p>\n

www.patreasury.gov<\/a><\/p>\n

Information provided to TVL by:
\nSamantha Heckel<\/p>\n

 <\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

PPL withdraws previous objections to Treasurer\u2019s subpoena Harrisburg, PA\u00a0\u2013 Treasurer Stacy Garrity announced today that PPL Corporation (PPL) has agreed to drop its opposition to and cooperate with the Pennsylvania … Continue reading Treasurer Stacy Garrity: PPL Agrees to Provide Information Necessary to Ensure Unclaimed Property Law Compliance<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":120734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[482],"tags":[],"class_list":["post-125556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release-2"],"jetpack_publicize_connections":[],"acf":[],"jetpack_featured_media_url":"https:\/\/www.thevalleyledger.com\/wp-content\/uploads\/2023\/07\/Pennsylvania-Treasury.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125556"}],"collection":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125556"}],"version-history":[{"count":0,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/media\/120734"}],"wp:attachment":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}