New York Principal Jeffrey Schwartz contributed to an article, "Nation's Largest Utility Files for Bankruptcy After Deadly California Wildfires," discussing Pacific Gas & Electric Corp's (PG&E), filing for Chapter 11 bankruptcy because it faces at least $30 billion in potential damages from lawsuits over the catastrophic wildfires in California in 2017 and 2018. Jeff said PG&E's bankruptcy should prove to be the biggest yet, since it had about $50 billion in liabilities at the end of 2017. That does not include claims from 2018 wildfires. "The liability is too great. It's too many claims, the aggregate amount is too great, and it looks at first blush to be indefensible because PG&E knew of this risk and didn't clear the line areas as it should have," Jeff said.
The full article can be found here.