S&P 500   3,004.52 (+0.28%)
DOW   26,833.95 (+0.17%)
QQQ   192.22 (+0.19%)
AAPL   243.18 (+1.34%)
FB   186.19 (+2.11%)
MSFT   137.24 (+0.64%)
GOOGL   1,257.63 (+1.32%)
AMZN   1,762.17 (-0.20%)
GE   9.14 (+0.88%)
NFLX   271.27 (+1.72%)
BAC   31.42 (+0.71%)
GILD   66.58 (+1.09%)
DIS   131.13 (-0.96%)
S&P 500   3,004.52 (+0.28%)
DOW   26,833.95 (+0.17%)
QQQ   192.22 (+0.19%)
AAPL   243.18 (+1.34%)
FB   186.19 (+2.11%)
MSFT   137.24 (+0.64%)
GOOGL   1,257.63 (+1.32%)
AMZN   1,762.17 (-0.20%)
GE   9.14 (+0.88%)
NFLX   271.27 (+1.72%)
BAC   31.42 (+0.71%)
GILD   66.58 (+1.09%)
DIS   131.13 (-0.96%)
Log in

The Latest: Victims' attorney: PG&E $11B settlement positive

Posted on Friday, September 13th, 2019 By The Associated Press


In this Aug. 15, 2019, file photo, a Pacific Gas & Electric worker walks in front of a truck in San Francisco. Pacific Gas & Electric and a group of insurers say they have reached an $11 billion settlement to cover most of the claims from the 2017 and 2018 wildfires in California. The utility said in a statement Friday, Sept. 13, that the tentative agreement covers 85% of the insurance claims, including a fire that decimated the town of Paradise. (AP Photo/Jeff Chiu, File)

SAN FRANCISCO (AP) — The Latest on PG&E agreeing to pay $11 billion as part of settlement with insurers (all times local):

11:30 a.m.

An attorney representing hundreds of California wildfire victims says Pacific Gas & Electric agreeing to pay $11 billion in a settlement with a group of insurance companies is a step in the right direction.

Gerald Singleton represents more than 5,000 victims who lost their homes in Northern California wildfires started by the utility's equipment.

Singleton said the agreement announced Friday is good for the beleaguered company because it now has reached settlements with insurance companies and public entities.

He adds "now we just have to get a fair amount for the individuals."

The utility announced it agreed to pay $11 billion to a group of insurance companies representing claims from Northern California wildfires in 2017 and 2018. It also reaffirmed its commitment to paying $1 billion to local governments.

___

7:20 a.m.

Pacific Gas & Electric has agreed to pay $11 billion to a group of insurance companies representing claimants from deadly Northern California wildfires in 2017 and 2018.

The utility said in a statement Friday the tentative agreement includes insurance claims from the town of Paradise, where 86 died last November.

Insurance companies who reached the settlement said it it well below the $20 billion the insurance companies had sought in bankruptcy court.

PG&E Corp. on Monday released a plan to offer nearly $18 billion to victims, insurance companies and cities and public entities in California that battled fires sparked by electrical equipment.

PG&E sought bankruptcy protection in January because it said it could not afford an estimated $30 billion in damages.

___

Corrects first item to remove reference to settlement covering only 85 percent of insurance claims.

Companies Mentioned in This Article

CompanyCurrent
Price
Price
Change
Dividend
Yield
P/E
Ratio
Consensus
Rating
Consensus
Price Target
PG&E (PCG)$8.20+1.2%N/A2.05Hold$16.52

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

Yahoo Gemini Pixel