Pennsylvania utility company agrees, six years later, to share unclaimed property info with Treasury

30 November 2023- Treasurer Stacy Garrity announced today that PPL Corporation (PPL) has agreed to drop its opposition to and cooperate with the Pennsylvania Treasury Department’s ongoing unclaimed property examination of the company.

“I applaud PPL for making this decision. Pennsylvania’s 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’s decision to comply is an important win for PPL shareholders.”
 Pennsylvania State Treasurer, Stacy Garrity

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

PPL is working with Treasury to produce all of the requested documents and information.

In May 2019, Treasury filed an enforcement action against the Allentown-based electric utility in Commonwealth Court. That step followed PPL’s refusal in 2017 – more than six years ago – to provide the requested records electronically, claiming that Treasury didn’t have the authority to demand and check the accuracy of those records. PPL’s 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.

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.