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San Francisco Drops $5B Fraud Suit Against PG&E

Law360 (April 30, 2009, 12:00 AM EDT) -- The city and county of San Francisco has dropped a case against PG&E Corp. over close to $5 billion in allegedly fraudulent transfers the energy-based holding company received from its utility subsidiary during California's energy crisis.

PG&E disclosed in a regulatory filing Wednesday that the city attorney withdrew the claims April 23 from the San Francisco Superior Court, a little more than a month after California Attorney General Edmund G. Brown Jr. dropped a similar case against the company.

The lawsuit, filed in 2002, claimed Pacific...
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