Why California fire victims are at the mercy of Wall Street


Thousands of victims of California wildfires dating back to 2015, who are entitled to payments under a $13.5 billion settlement with the state’s largest utility, are learning that the amount that they ultimately receive is subject to the whims of Wall Street.

That is according to the retired California appellate judge overseeing the trust fund set up as part of the bankruptcy reorganization of PG&E last year, as well as court filings and other documents reviewed by CNBC’s “American Greed.”

“We don’t know how much money we have because a substantial portion of the assets that are going to be used to pay you are in the form of common stock of Pacific Gas and Electric,” said court appointed…


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