Settlement announced this week resulted from legal action against 20 former PG&E officials, including four CEOs, about a dozen directors, and senior officers of electrical transmission and dist…
, east of Chico. PG&E pleaded guilty in 2020 to dozens of counts of involuntary manslaughter in connection with the Camp Fire. State fire officials found the utility responsible for 12 of the North Bay fires, but state and local prosecutors found insufficient evidence for criminal charges.
PG&E has for years faced public and official ire over catastrophic fires sparked by its transmission equipment, with many critics attacking the investor-owned utility for spending billions on shareholder dividends that could have been spent on fire prevention. In 2019, Judge William Alsup of U.S. District Court in San Franciscoover its forest fire problem, saying, “PG&E pumped out $4.5 billion in dividends and let the tree budget wither.
The $117 million in settlement funds, as is common with lawsuits targeting corporate officials, will be paid by companies that provided the firm’s directors-and-officers insurance for the company officials sued by the trust, according to a PG&E regulatory filing.
The settlement sum was based on the amount of insurance money available to settle the trust’s legal action and other legal claims, Pitre said. “It was a good result,” he said, describing it as “one of the largest settlements of its type in the United States.”
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