Advertise
Resources
Member, Beacon International Group, Ltd.
With settlements totaling $110 million reached on Friday and Monday, Pacific Gas & Electric Co. has resolved all but two of the lawsuits filed in the wake of a 2010 natural gas pipeline rupture that killed eight people, the utility said.
The September 2010 rupture ignited an inferno that also injured dozens and damaged or destroyed more than 100 homes. Five members of the National Transportation Safety Board released results of a 2011 investigation that harshly criticized the utility for its risk management failures, which the agency said likely led to the explosion.
A PG&E spokeswoman said the settlements reached on Friday and Monday, which was the third anniversary of the blast, bring the total settlement cost in connection with the blast to $565 million. Two separate cases remain pending, she said. The total of 499 settlement fund recipients range from families of those who were killed to those whose homes suffered only minor damage.
San Francisco-based PG&E disclosed in a U.S. Securities and Exchange Commission filing in 2010 that it had liability insurance with limits of $992 million above a $10 million deductible that will respond to claims from the explosion.