California’s Newsom Wants to Stall $11 Billion PG&E Fire Payout

California Governor Gavin Newsom has asked a federal judge to delay signing off on PG&E Corp.’s $11 billion insurance claim settlement, saying the deal is premature. In a filing Saturday, the governor raised issues with a proposed settlement of so-called subrogation claims that would see PG&E pay billions to holders of insurance claims tied to wildfires. “Given the uncertainty related to the plan that will resolve these chapter 11 cases, and the possibility that the state will need to pursue its own plan, the Allowed Subrogation Claim Amount may be an impediment to confirmation of a plan of reorganization,” according to the filing. “It is simply too early to tell.”

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