California Wildfire Victims See Little Payout from PG&E Settlement May 11, 2021
A trust approved by a federal judge to help compensate victims of deadly California wildfires sparked by Pacific Gas & Electric equipment paid survivors just $7 million while racking up $51 million in overhead in its first year of operation, KQED News reported.
The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. Attorneys for the fire victims negotiated the deal on behalf of survivors, and it was funded half with cash and half with foundering PG&E stock.
PG&E was forced into bankruptcy after its equipment sparked the Camp Fire that killed at least 85 people and nearly wiped out the Northern California town of Paradise.
Some Northern CA fire survivors remain in dire straits while waiting for compensation
Action News Now has heard from many fire survivors who are waiting for compensation from the Fire Victim Trust for losses related to PG&E-caused fires. They shared their stories.
Posted: May 9, 2021 5:41 PM
Updated: May 10, 2021 8:23 AM
Posted By: Lorraine Dechter
NORTHERN CALIFORNIA – Action News Now has reached out via social media to help identify people in critical need of financial support as they wait for their settlement offers and partial payments from the Fire Victim Trust (FVT) to compensate them for their losses and pain and suffering due to fires determined to be caused by Pacific Gas & Electric Company (PG&E).
North Bay fire survivors criticize trust devoted to PG&E payouts amid revelations over 2020 spending pressdemocrat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pressdemocrat.com Daily Mail and Mail on Sunday newspapers.
California Fire Victims See Little Payout From Settlement May 10, 2021
SAN FRANCISCO (AP) A trust approved by a federal judge to help compensate victims of deadly California wildfires sparked by Pacific Gas & Electric equipment paid survivors just $7 million while racking up $51 million in overhead in its first year of operation, KQED News reported.
The Fire Victim Trust was set up to compensate 67,000 victims as part of a bankruptcy settlement. Attorneys for the fire victims negotiated the deal on behalf of survivors, and it was funded half with cash and half with foundering PG&E stock.
PG&E was forced into bankruptcy after its equipment sparked the Camp Fire that killed at least 85 people and nearly wiped out the Northern California town of Paradise.
May 7, 2021
A trust established to distribute over $13.5 billion dollars in PG&E settlement money spent more on overhead costs than survivor settlements during 2020.
KQED reports that the special Fire Victim Trust accrued $51-million in overhead costs last year while only distributing $7-million to victims. However, only a small portion of payouts to victims happened in December, and the bulk of payouts have happened in 2021. A report says that more than 9,000 claimants had received $195-million in payments as of April 30. An annual report filed in federal bankruptcy court last week by the trustee shows that $38-million was spent on financial professionals, claims administrators, consultants and other operating expenses. Another $12-million was used to set up the claims process.