PG&E’s $10 Million Deal to End Shareholder Suit Gets Initial OK

PG&E’s proposed $10 million settlement to resolve shareholder claims that the company misrepresented the effectiveness of safety protocols implemented following a series of California wildfires between 2015 and 2018 has received a federal court’s preliminary approval.

The U.S. District for the Northern District of California provisionally certified on Tuesday a settlement class comprising any persons or entities who purchased PG&E common stock on the New York Stock Exchange between Dec. 13, 2018, and Oct. 28, 2019. The class is estimated to include to include thousands of shareholders.

After accounting for up to $2.5 million in attorneys’ fees, $100,000 in litigation ...