Pacific Gas & Electric will settle lawsuits brought by California families affected by wildfires with a settlement estimated at more than $13 billion. The settlement covers families affected by…
The settlement also covers the 2016 Ghost Ship Fire in Oakland, where 36 people perished when a warehouse exploded in flames. Lawsuits there claimed PG&E did not monitor or inspect and repair electrical equipment that provided the warehouse with power.
PG&E filed for bankruptcy in January, when it faced more than $30 billion in claims. The settlement announced on Friday will need US bankruptcy court approval. “From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal,” said the company statement from president Bill Johnson. “We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires.”
If approved, PG&E will emerge from bankrutpcy protections and will likely join a new insurance fund that will help with future wildfire related claims against utility companies.
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