California wildfire victims could become PG&E's biggest shareholders after a settlement — and assume the financial risk of future fires
reported Thursday, pushing the financial risk of future fires on past victims.
The cash-and-stock trust structure isn't new, but attorneys representing California fire victims claim the exposure to PG&E stock volatility is an unfair risk for claimants to shoulder. PG&E is in the process of fixing its electrical infrastructure and building out a fire detection system, but its still-questionable equipment could spark new disasters.
"Many of the victims feel, on principle, an unwillingness to be made owners of the company that burned their houses down," Howard Klepper, a Santa Rosa, California resident who lost his home in a 2017 fire, told The Journal. PG&E's $13.5 billion settlement accounts for fires taking place between 2016 and 2018, with the latter year serving as the most lethal and destructive fire season in California's history.
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