Apr. 24 at 2:06 PM
$PCG — at 6:25 a.m. on November 8, 2018, a steel hook on a PG&E tower, installed in the early 1900s, never replaced, snapped. Within hours, a town of 26,000 people was gone.
85 people killed. 18,804 structures destroyed. The entire town of Paradise, California, erased.
Investigators found the cause immediately: a century-old hook, cracked and hanging since 1921. PG&E's own employees had flagged the same failure pattern on other lines months before the fire. Nothing was done.
PG&E pleaded guilty to 84 counts of involuntary manslaughter. Filed for bankruptcy. And the whole time, from 2015 to 2018, it had been telling Wall Street its grid was properly maintained and compliant with safety regulations.
That's the investor case.
$100M settlement. Deadline: July 6, 2026.
Bought
$PCG between 4/29/2015–11/15/2018?
11th.com/cases/pgampe-investor-settlement
