On windows 7 (64 bit) systems you need to have a Windows6.1-KB3035131-x64 hotfix installed (this update must be installed first), then reboot the computer and install the Windows6.1-KB3033929-x64.
Reboot the pc again.
Start the driver installer and make sure there’s no USB drive connected to your LP-16. When you see that popup message on the screenshot connect your LP-16 to the computer. The installation should succeed.