PG&E says pension fund's lawsuit a bid to skirt bankruptcy stay - Reuters

PG&E says pension fund's lawsuit a bid to skirt bankruptcy stay - Reuters: PG&E says pension fund's lawsuit a bid to skirt bankruptcy stay
Jim Christie

1 Min Read

PG&E Corp has asked the judge overseeing its bankruptcy to block a pension fund’s lawsuit alleging leadership at the power producer committed fraud and destroyed billions of dollars’ worth of value in its shares and bonds by misleading investors about its wildfire safety practices.

Several of PG&E’s former and current directors and officers should be held accountable for allegedly concealing that the company cut corners on measures for reducing the risk of its equipment sparking wildfires, according to an amended complaint filed last month by the Public Employees Retirement Association of New Mexico in U.S. District Court in San Francisco.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2MXl0Jy