“This takes care of our concerns that paying the fine would reduce the amount available for the victims,” Mike Danko, the lawyer for the victims, said in an email. “We’re satisfied with this result.”
Insurers with claims against PG&E in bankruptcy agreed to wait 15 days to be paid, letting the fund generate enough interest to cover the fine, according to a lawyer for the fire victims.
PG&E said initially it would pay the fine as part of a guilty plea to 84 counts of involuntary manslaughter, admitting its equipment ignited California’s deadliest wildfire in 2018. The company said the payment would come out of a $13.5 billion settlement fund for victims of the fire.
After that announcment, Danko said PG&E’s fire victims might withhold votes critical to getting PG&E’s bankruptcy plan approved unless it came up with an alternative.
Read Bloomberg Article.