PG&E announces $1B wildfire deal with municipalities

Pacific Gas & Electric Co. announced a $1 billion settlement with local governments for wildfire damages Wednesday, confirming a deal it disclosed in bankruptcy court the previous day.

The deal has left attorneys representing victims of those fires cautiously optimistic their own clients will see more than “pennies on the dollar,” in the words of attorney Amanda L. Riddle. But they also warn it is just a step in a much larger process.

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