Pacific Gas & Electric Co. announced a $20.5 billion (US$13.5 billion) settlement late Friday with Northern California victims who suffered enormous losses in the 2017 and 2018 wildfires, some of the most devastating in US history. Carolyn Cole/The San Diego Union PG&E Corp. reported Thursday $1.6 billion in shareholder losses for the third quarter of 2019, resulting primarily from insurance claims associated with California wildfires. In announcing the settlement, the company said the agreement is subject to a number of conditions that have to be met in accordance with PG&E's Chapter 11 bankruptcy reorganisation plan. "From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal. JOSH EDELSON, AFP VIA GETTY Embers fly as wind and flames from the Camp fire tear through Paradise, California.

Source: Stuff December 07, 2019 07:18 UTC