PG&E Corporation PCG shares are trading higher after the company announced it reached a $13.5 billion settlement to resolve individual claims from recent fires including the 2018 Camp Fire and 2017 Tubbs fire.
The company has agreed to a settlement with the Official Committee of Tort Claimants (TCC) and with firms representing the individual claimants who sustained losses from the fires.
The settlement will resolve all claims arising from those fires, including the 2017 Tubbs Fire, as well as all claims arising from the 2015 Butte Fire and 2016 Ghost Ship Fire in Oakland.
"From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal. We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires," PG&E CEO Bill Johnson said in a statement.
PG&E shares were up 18% at $11.40 in Monday’s pre-market session. The stock has a 52-week high of $27.38 and a 52-week low of $3.55.
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