Excellent question chigginskeywest. I'm not seeing an ETA on the update at this time. But you can stay up to date, on all updates on this phone at: https://community.sprint.com/t5/LG/bd-p/LG
Unacceptable is an understatement. Flagship phone out first 8 months without the latest available OS. I'd be very surprised if this has ever happened before. An exchange to a comparable device should be available at the minimum.
The V40 Pie updates only started rolling out in the last month. Unfortunately, LG has been known to be slow with their delivery of the latest operating systems. When they get around to releasing, they have to work with each of the carriers to ensure that the updates they have made aren't going to break anything on the LG or carrier end. The testing involves a lot of back and forth to ensure everything works right. We aren't intentionally keeping updates from customers, that wouldn't be beneficial to anyone. We also aren't trying to release broken updates that are going to cause more issues. I definitely get the frustration and we will keep you in the loop in the LG section of Community (that Cat linked previously) as we know more and can safely say when you might be able to expect the update to roll through on your end. We appreciate your patience and understanding.
I respect the complexity of the process and the importance of releasing a safe product. However, that is not relevant any longer as the V40 update has been made available by most every other provider worldwide. The Sprint version was and is sold at the same price none the less. While I cannot place an exact value on the Pie update I do know that resale is nearly impossible and is considerably less than the same device on other networks. An exchange program would be a reasonable way to restore some goodwill to your customers.