PG&E reaches $13.5 billion deal with wildfire victims

“After months of tense negotiations, Pacific Gas & Electric and lawyers for victims of wildfires that killed dozens of people and destroyed tens of thousands of homes and businesses have agreed Friday to a multibillion-dollar legal settlement,” as The San Francisco Chronicle is reporting.

“The victims would not receive all of the $13.5 billion that is being made available under the agreement. Some of it would go toward paying the claims of federal and state agencies, and the victims’ lawyers would receive a portion.

“The accord is a big step forward for PG&E, whose response to wildfires has often faltered. For victims, the money would help them rebuild homes and lives after months of uncertainty, though many would most likely get a lot less than they had hoped for or need.

“And a settlement would significantly increase the likelihood that PG&E will emerge from bankruptcy before a crucial deadline in June. The company filed for bankruptcy protection in January, saying it faced an estimated $30 billion in wildfire claims.”

The rest of the article is here.

Author: jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for 12 years, and he was a founding editor and Editor of CNET News for eight years, among other positions. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing, swimming, and trout fishing in the Sierra.

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