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Pacific Gas and Electric to pay $13.5 billion to victims of fires

Christian Fernsby |
Pacific Gas and Electric agreed to a settlement with the Official Committee of Tort Claimants (TCC) and with firms representing individual claimants who sustained losses from the 2017 Northern California Wildfires and 2018 Camp Fire.

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The settlement agreement is valued at approximately $13.5 billion and has the support of the TCC.

The settlement will resolve all claims arising from those fires, including the 2017 Tubbs Fire, as well as all claims arising from the 2015 Butte Fire and 2016 Ghost Ship Fire in Oakland.

The settlement is subject to a number of conditions and is to be implemented pursuant to PG&E’s Chapter 11 Plan of Reorganization (the “Plan”), which is subject to confirmation by the Bankruptcy Court in accordance with the provisions of the Bankruptcy Code.

Bankruptcy Court approval of the settlement agreement would put PG&E on a sustainable path forward to emerge from Chapter 11 by the June 30, 2020, deadline to participate in the State of California’s go-forward wildfire fund.

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