PG&E Settles Wildfire Lawsuits for $13.5 Billion

PG&E Corp., one of the largest utility providers in the country, has settled numerous lawsuits related to wildfires allegedly caused by its faulty equipment. The lawsuits arose around so-called “jumper cables,” which have been found to have a high likelihood of breaking or malfunctioning, which have resulted in at least 22 wildfires between 2017 and 2018. A federal judge has approved a settlement for these wildfire suits, resulting in a payout of $13.5 billion to victims, in the form of both cash and PG&E stock.… Read the rest