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PG&E Reaches $11B Settlement with Insurers Over California Wildfires
San Francisco-based PG&E Corporation and Pacific Gas and Electric Company reached an $11 billion settlement with a group of insurers covering most of the claims from wildfires in California in 2017 and 2018. The agreement involves entities representing roughly 85% of insurance subrogation claims stemming from the 2017 Northern California wildfires and 2018 Camp Fire.
PG&E Corporation’s Bill Johnson said, “Today’s settlement is another step in doing what’s right for the communities, businesses, and individuals affected by the devastating wildfires.”
The settlement is subject to definitive documentation and approval of the Bankruptcy Court overseeing PG&E’s Chapter 11 case. This is PG&E’s second major settlement of wildfire claims.
The utility reached agreements earlier this year to settle claims relating to the 2015, 2017, and 2018 wildfires for a total of $1 billion. Proceedings regarding the third and final major group of wildfire claims are currently pending in both Federal District Court and State Court.
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