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PG&E reached settlements with two of three major groups of wildfire claimants

Christian Fernsby |
PG&E Corporation and Pacific Gas and Electric Company have agreed in principle with entities representing approximately 85 percent of insurance subrogation claims to an $11 billion settlement to resolve all such claims arising from the 2017 Northern California wildfires and 2018 Camp Fire.

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These claims are based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damages.

The settlement is subject to definitive documentation and approval of the Bankruptcy Court overseeing PG&E's Chapter 11 case.

The settlement is to be implemented pursuant to PG&E's Chapter 11 Plan of Reorganization (the "Plan"), and subject to confirmation of the Plan by the Bankruptcy Court.

This is PG&E's second major settlement of wildfire claims.

On June 19, 2019, PG&E and 18 local public entities (cities, counties, districts and public agencies) announced that they had reached agreements to settle their claims relating to the 2015, 2017, and 2018 wildfires for a total of $1 billion to be implemented as part of the Plan.

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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