Lawyers representing victims of recent Northern California wildfires say they intend to object to a proposed $11 billion deal Pacific Gas & Electric Co. has reached with insurers related to claims stemming from the 2017 Northern California wildfires and the 2018 Camp Fire.
PG&E announced the deal jointly Friday morning with a group of insurers who represent about 85% of the subrogation claims pending against the Northern California utility company in its Chapter 11 bankruptcy case. The insurers, who have been represented by counsel at Willkie Farr & Gallagher in the case, said in a statement Friday that the deal wouldn’t fully satisfy the $20 billion in unsecured claims they have pending, but that it would provide a pathway for the company to emerge from Chapter 11 by a June 2020 legislative deadline.
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