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6/19, 5:04 AM (Source: TeleTrader)
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PG&E reaches $1B settlement over wildfire claims - report

California-based Pacific Gas and Electric Co. (PG&E) agreed to pay $1 billion in settlements with 14 local governments in order to cover for damages caused by the 2018 wildfires which killed more than 80 people, the AP reported.

The utility company was earlier blamed for damage caused by downed power lines and has filed for bankruptcy in January. PG&E earlier proposed an $11 billion fund for settling any future claims, but is now facing more than $30 billion in potential lawsuits.

Earlier, media reported that California lawmakers are considering legislation that would establish a fund aimed at helping utility companies to pay for damages caused by their equipment.

Breaking the News / MA