SACRAMENTO, Calif. -- A California utility blamed for igniting several wildfires caused by downed power lines agreed Tuesday to pay $1 billion in damages to local governments.
Attorneys representing 14 public entities announced the settlement with Pacific Gas & Electric to cover "taxpayer losses."
More than half of the settlement is related to the 2018 fire in Northern California that killed 85 people and destroyed more than 13,000 homes. It included $270 million to the town of Paradise, which was mostly destroyed.
The money also covers damage from a 2015 in Butte County and a series of 2017 fires in Northern California wine country.
The Texas law firm of Baron & Budd announced the settlement on behalf of the 14 governments.
"This money will help local government and taxpayers rebuild their communities after several years of devastating wildfires," Baron & Budd said in a news release.
Pacific Gas & Electric Corp. filed for bankruptcy earlier this year citing billions of dollars in expected losses, mostly from lawsuits filed by individual fire victims, businesses and insurance companies. A judge overseeing that case must approve the settlement announced Tuesday.
Business on 06/19/2019