Sep. 30—Former PG&E officers and directors have agreed to pay a $117 million settlement in a lawsuit over the damages caused by the utility company during the North Bay fires and the Camp Fire, according to the PG&E Fire Victim Trust.
"It is our hope that in holding PG&E's past officers and directors accountable in connection with the damage inflicted on thousands of fire victims in California, the current board and new leadership of PG&E charts a different course where safety and the protection of customers is the central operating principle of the company," said Cathy Yanni, Trustee of the Fire Victim Trust.
The Fire Victim Trust — a group formed in 2020 which assesses claims arising in connection with the 2015 Butte Fire, the 2017 North Bay fires and the 2018 Camp Fire — announced that the funds will be used to satisfy outstanding claims held by federal agencies that assisted in battling the fires.
"We are extremely pleased with the amount recovered, which at $117 million is one of the largest settlements of its type in the United States," Frank M. Pitre, lead counsel for FVT, stated. "The trust is required by a bankruptcy court order to use certain settlements to satisfy these federal agency claims. It was agreed that these federal agency claims would not be paid from the FVT's cash or stock proceeds"
To date, the trust has disbursed $4.9 billion to fire victims for claims of emotional distress and personal property losses, according to the release.
Joel Umanzor (he/him) is a San Francisco Chronicle staff writer. Email: email@example.com
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