PG&E’s former corporate officers and directors have reached a $117 million settlement with a trust for wildfire victims over alleged mismanagement leading up to the 2017 North Bay wildfires and the 2018 Camp Fire, according to trust officials.
The settlement will be paid for out of the $200 million insurance policy PG&E carried for its former corporate officials, not from any operating funds.
“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,” Cathy Yanni, trustee for fire victims, said in a statement.
“We are pleased to see early signs of a new focus on safety with PG&E’s recent announcements about plans to harden infrastructure and lay power lines underground, both measures that would significantly reduce fire hazards.”
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