PG&E reaches $100 million shareholder settlement over 2017, 2018 California wildfires

Core Viewpoint - PG&E's parent company has reached a $100 million settlement with shareholders over allegations of misleading information regarding wildfire prevention and safety protocols prior to the 2017 and 2018 wildfires in Northern California [1][2]. Group 1: Settlement Details - The preliminary settlement was filed with the U.S. District Court in San Jose, California, and is subject to judicial approval [1]. - Shareholders, led by the Public Employees Retirement Association of New Mexico, claimed that PG&E concealed its inadequate wildfire safety practices, which contributed to the ignition and worsening of the 2017 North Bay fires and the 2018 Camp Fire [2]. Group 2: Impact of Wildfires - The North Bay fires, including the Tubbs Fire, resulted in 22 fatalities and the destruction of over 5,600 structures, accounting for approximately 5% of homes in Santa Rosa [3]. - The Camp Fire led to 85 deaths and the destruction of more than 18,800 structures, including the majority of the town of Paradise [3]. Group 3: Previous Legal and Financial Context - PG&E had previously reached a $13.5 billion settlement with wildfire victims in December 2019 and emerged from Chapter 11 bankruptcy protection in June 2020 [4].