[CaliforniaDisasters] PG&E Reaches $11 Billion Settlement with Insurers over Deadly Wildfires [VIDEO]

Deal moves PG&E closer to bankruptcy exit, but company still has to resolve claims from wildfire victims

Vulnerabilities in PG&E's infrastructure combined with the impact of climate change contributed to hundreds of wildfires in California, including the deadly Camp Fire in 2018. Here's a look at upgrades to the utility giant's power grid that might have prevented these blazes. Photo: Reuters

WATCH VIDEO HERE

By Peg Brickley and Russell Gold

Updated Sept. 13, 2019 6:33 pm ET

PG&E said it has reached an $11 billion settlement with insurance companies over wildfire claims, a significant step toward emerging from bankruptcy.

The deal covers insurance carriers and hedge funds that were seeking compensation from PG&E for payouts insurers made to homeowners and businesses in connection with fires sparked by the utility's equipment.

Read the entire article HERE: https://www.wsj.com/articles/pg-e-strikes-11-billion-settlement-with-insurers-over-deadly-wildfires-11568383221

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