Powered by

PG&E agrees to $11-billion settlement over fire claims; Deal ends dispute with insurers and investors, but victims' cases still loom

Sep 14, 2019 - Los Angeles Times

Bankrupt California utility giant PG&E Corp. resolved a key battle by agreeing to pay $11 billion to settle insurance claims from wildfires blamed on its equipment. An even bigger struggle looms.

The settlement with insurance carriers and investors, announced Friday, puts to rest a dispute with a group holding about 85% of insurance claims PG&E faces from deadly blazes in 2017 and 2018. The coalition, which includes Seth Klarman's Baupost Group, had sought to wrest control of PG&E's bankru...