SAN FRANCISCO (AP) — The Latest on PG&E agreeing to pay $11 billion as part of settlement with insurers (all times local):
An attorney representing hundreds of California wildfire victims says Pacific Gas & Electric agreeing to pay $11 billion in a settlement with a group of insurance companies is a step in the right direction.
Gerald Singleton represents more than 5,000 victims who lost their homes in Northern California wildfires started by the utility's equipment.
Singleton said the agreement announced Friday is good for the beleaguered company because it now has reached settlements with insurance companies and public entities.
He adds "now we just have to get a fair amount for the individuals."
The utility announced it agreed to pay $11 billion to a group of insurance companies representing claims from Northern California wildfires in 2017 and 2018. It also reaffirmed its commitment to paying $1 billion to local governments.
Pacific Gas & Electric and a group of insurers say they have reached an $11 billion settlement to cover most of the claims from the 2017 and 2018 wildfires in California.
The utility said in a statement Friday the tentative agreement covers 85% of the insurance claims, including a fire that decimated the town of Paradise.
A group of insurers said in a separate statement the settlement is well below the $20 billion the insurance companies had sought in bankruptcy court.
PG&E Corp. on Monday released a plan to offer nearly $18 billion to victims, insurance companies and cities and public entities in California that battled fires sparked by electrical equipment.
PG&E sought bankruptcy protection in January because it said it could not afford an estimated $30 billion in damages.