Philip Pacheco/AFP via Getty ImagesTopline: As it continues to struggle with bankruptcy and public backlash over its role in sparking California wildfires, the embattled Pacific Gas & Electric Company is reportedly nearing a $1.7 billion settlement with state regulators for starting wildfires in 2017, according to Bloomberg. The penalties are tied to a case with the California Public Utilities Commission, in which PG&E’s wildfire safety practices were found to be unsafe and against state rules. PG&E said last month that it had also reached an $11 billion settlement with insurance companies, which included damages claims from both 2017 and 2018. Key background: Wildfires have devastated California over the last three years, burning down entire towns and killing hundreds. PG&E filed for bankruptcy protection in January, after its equipment was found to have caused the devastating 2018 Camp Fire.

Source: Forbes November 19, 2019 14:48 UTC