LG D500 - Manual (Page 101)

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NOTE: Your personal data—including information about your Google account
and any other accounts, your system/application data and settings, any
downloaded applications and your DRM licence —might be lost in the process
of updating your phone's software. Therefore, LG recommends that you back
up your personal data before updating your phone's software. LG does not take
responsibility for any loss of personal data.
NOTICE: Open Source Software
To obtain the corresponding source code under GPL, LGPL, MPL and other
open source licences, please visit http://opensource.lge.com/
All referred licence terms, disclaimers and notices are available for download
with the source code.
Phone software update