logo
  

PG&E Reaches $11 Bln Settlement For Wildfire Claims

PG&E Corp. (PCG) reached an $11 billion settlement with entities representing about 85% of insurance claims related to 2017 and 2018 wildfires.

It is the second major settlement of wildfire claims by PG&E, and requires approval by the federal bankruptcy judge overseeing the utility's Chapter 11 case. The company said the claims were based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damage.

PG&E said proceedings on the third and final major group of wildfire claims remain pending in federal and state courts.

PG&E had filed for bankruptcy protection in January as it faces up to $30 billion in fire liabilities, including last year's Camp Fire, the deadliest and most destructive wildfire of California's modern history. The Camp Fire, which burned in Paradise, California, last November, killed at least 86 people.

Equipment owned and maintained by the company also started at least 17 of the 21 major wildfires that burned in California in 2017, according to the California Department of Forestry and Fire Protection.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of HSBC Holdings Plc were gaining in London and Hong Kong trading after the Asia-focused lender reported Monday that its first-half profit more than doubled, despite weak revenues. Looking ahead, the company said while uncertainties remain, the outlook is more positive with evidence of growth in strategic areas. After Disney World, retail giant Walmart Inc. (WMT) makes it mandatory for all its employees to wear mask on their facilities in the "high-risk" states where the Delta variant of Coronavirus has become menacing. The orders will be in effect immediately. The Center for Disease Control and Prevention... Generac Power Systems is recalling 325,735 units of Generac and DR 6500 Watt and 8000 Watt portable generators for potential risk of finger amputation and crushing hazards, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. These include 4,575 units sold in Canada.
Follow RTT