Treasurer Torsella Files Enforcement Action against Ppl Corporation to Protect Pennsylvania Consumers

Complaint alleges PPL is refusing to comply with administrative subpoena

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today filed a complaint in Commonwealth Court against PPL Corporation (PPL) for its failure to cooperate with an ongoing unclaimed property audit by refusing to produce un-redacted documents and insisting on a limited visual inspection of thousands and thousands of records thereby preventing Treasury’s auditors from doing their necessary work to ensure compliance with the Pennsylvania Disposition of Abandoned and Unclaimed Property Act (DAUPA).

“Pennsylvania’s unclaimed property law exists to protect Pennsylvania consumers and their rightful property. For the first time in 10 years, Treasury is forced to take legal action in order to compel a Pennsylvania company to comply with its obligations. That’s unacceptable, and PPL’s customers and stockholders who are entitled to property deserve better.”

Pennsylvania Treasurer, Joe Torsella

The Pennsylvania Treasury has the authority to issue an administrative subpoena in the event that a company refuses to produce requested documentation for a compliance audit. PPL objected to the subpoena issued by Treasury and was notified of the legal consequences of such an action.

PPL is a significant reporter of unclaimed property, having reported hundreds of thousands of dollars to Treasury in recent years. By frustrating the ongoing audit, PPL is preventing the return of unclaimed property to its rightful owners in Pennsylvania.

Under Pennsylvania law, entities are required to report any financial asset that has gone unclaimed for a period of time — usually three years — to Treasury. Treasury currently serves as the custodian of $3.4 billion in unclaimed property, reported to the Bureau of Unclaimed Property through abandoned bank accounts, forgotten stocks, and uncashed checks.

In addition to Treasury’s Chief Counsel, Treasury is also represented by outside counsel Mark Aronchick, John Summers, and Jon Cochran of Hangley Aronchick Segal Pudlin & Schiller.

Share on Social Media