PG&E Investors Land $10M Deal In Suit Over Power Outages

Law360 (February 16, 2021, 9:14 PM EST) -- A group of Pacific Gas and Electric Co. investors has urged a California federal judge to grant preliminary approval on a $10 million deal to end a suit alleging the utility and its executives mismanaged planned power outages in the wake of widespread wildfires, leading to a stock price drop.

Ironworkers Local 580 Joint Funds and Ironworkers Locals 40, 361 & 417 Union Security Funds and individual investor Robert Allustiarti, the co-lead plaintiffs, said in a settlement stipulation that the parties have engaged in negotiations before former U.S. District Judge Layn Phillips, and that they agreed to the principal terms of...

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