Some 1,000 lawsuits have been filed since late 2017 demanding Pacific Gas & Electric Corporation pay for damages caused by wildfires. The lawsuits represent thousands of people, companies, cities and counties affected by fires.
They range from a rancher’s $3,000 small claims complaint to insurance companies’ demands for billions of dollars to reimburse their payouts to policyholders. Cities and counties are suing PG&E for destroyed schools, parks and other public property in addition to the cost of responding to the fires.
PG&E lawyers have filed denials of responsibility in the courts. But when the corporation filed for bankruptcy protection Tuesday, it said these and other lawsuits could ultimately cost it $30 billion.
PG&E’s chief executive says bankruptcy will help settle the litigation in an orderly and fair manner.
Related:
- PG&E in California Files for Bankruptcy in Wake of Wildfire Liabilities
- Hedge Fund Baupost Reported to Hold $1 Billion in PG&E Insurance Claims
- PG&E Bankruptcy Looms With $30B in Potential Liabilities from California Wildfires; CEO to Exit
Was this article valuable?
Here are more articles you may enjoy.
Flood Insurance Gap Will Squeeze Local Governments and Homeowners, Moody’s Says 
Capital Factory CEO Killed in Private-Jet Crash in Texas 
Hacking Group Claims Major Hack of Novo Nordisk and Attempted $25M Extortion 
Wrong-Way AI Trade Costs Florida Stock-Picker $50 Billion 
