PG&E Corporation (NYSE: PCG) shares are trading higher on Monday, after the company announced it has entered into a plea agreement and settlement with California to resolve the criminal prosecution of the company in connection to the 2018 campfire.
“Today's charges underscore the reality of all that was lost, and we hope that accepting those charges helps bring more certainty to the path forward so we can get victims paid fairly and quickly,” PG&E CEO Bill Johnson said in a statement.
“PG&E previously reached settlements with all groups of victims from wildfires in 2015, 2017 and 2018, totaling approximately $25.5 billion. This amount includes payment for all claims from individuals impacted by the campfire and reimbursement for claims by Butte County agencies. We are working diligently to get our plan of reorganization approved by the Bankruptcy Court as soon as possible, so that we can get victims paid."
PG&E's stock was up 5.2% to $7.60 per share at time of publication on Monday. The stock has a 52-week high of $25.19 and a 52-week low of $3.55.
A PG&E yard in San Francisco. Photo by Peter Merholz via Wikimedia.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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