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The parent of Pacific Gas and Electric reached a $100 million settlement with shareholders who accused the utility operator of misleading them about its wildfire prevention and safety protocols before wildfires in northern California in 2017 and 2018.
A preliminary settlement with PG&E
was filed on Saturday with the U.S. District Court in San Jose, California, and requires a judge’s approval.
Shareholders led by the Public Employees Retirement Association of New Mexico said PG&E concealed its defective wildfire safety practices, including electrical equipment and vegetation management blamed for starting or exacerbating the 2017 North Bay fires and 2018 Camp Fire.
