Sep 13, 2019

California wildfires result in $11 billion settlement

PG&E crews repair power lines that were destroyed by the Camp Fire in Paradise, California. Photo: Justin Sullivan/Getty Images

California utility company PG&E announced Friday it has reached an $11 billion settlement with a group of insurers for its role in deadly 2018 wildfires.

Why it matters: PG&E faired well considering insurers were initially seeking $20 billion to pay for the cost of claims, says the Financial Times. The current settlement will cover 85% of claims.

What they're saying:

  • Ad Hoc Subrogation Group said in a statement they "hope that this compromise will pave the way for a plan of reorganisation that allows PG&E to fairly compensate all victims and emerge from Chapter 11 by the June 2020 legislative deadline," per Financial Times.
  • A lawyer representing the victims described PG&E's plan to cap payments at $8.4 billion as "totally unacceptable," reports Reuters.

Go deeper: California wildfire is the most destructive in state history

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Purdue Pharma files for bankruptcy

Photo: Drew Angerer/Getty Images

Purdue Pharma, the maker of the highly addictive painkiller OxyContin, which faced thousands of lawsuits over the U.S. opioid epidemic, has filed for Chapter 11 bankruptcy, the drug company said in a statement Sunday

The big picture: Per the Wall Street Journal, Purdue filed for bankruptcy with a more than $10 billion plan to settle claims in White Plains, New York — less than a week after reaching a tentative settlement with states and local governments suing the firm for its role in the opioid epidemic.

Go deeperArrowSep 16, 2019

Purdue Pharma faces resistance to its proposed opioids settlement

Protestors outside of Purdue Pharma's headquarters last month. Photo: Erik McGregor/LightRocket via Getty Images

Purdue Pharma has to resolve ongoing inquiries with the Justice Department before finalizing its plan to enter bankruptcy, the Wall Street Journal reports, citing the newly released terms of the settlement.

Why it matters: Purdue's bankruptcy plan, and its proposed settlement to resolve the national opioids lawsuit, are already facing resistance from state and local governments.

Go deeperArrowOct 10, 2019

Fanning California's climate flames

Reproduced from Next 10's Green Innovation Index; Chart: Axios Visuals

California power giant PG&E may shut off electricity in parts of roughly 30 counties to stem risks of downed power lines sparking wildfires when strong and dry winds arrive later this week.

Why it matters: The plan announced Monday, which the San Francisco Chronicle called "unprecedented," highlights how utilities are grappling with dangers heightened by global warming.

Go deeperArrowOct 8, 2019