PG&E Securities Lawsuit Settlement, $100 Million Investor Agreement Reached 2026
On December 31, 2025, PG&E reached a $100 million settlement to resolve a long-running securities class action. The lawsuit alleged that the utility misled investors about its wildfire safety protocols before the 2017 and 2018 California disasters. This agreement, filed for court approval in January 2026, offers a final path for recovery for affected shareholders.
The Core of the PG&E Securities Settlement
The lawsuit, In re PG&E Corporation Securities Litigation, was led by the Public Employees Retirement Association of New Mexico. It alleged that PG&E executives made false and misleading statements about the company’s “safety-first” culture and vegetation management. Investors claimed these omissions hid the true risks of non-compliant equipment that eventually sparked the devastating North Bay and Camp Fires.
As of January 10, 2026, a motion for preliminary approval was filed with the U.S. District Court for the Northern District of California. If Judge Edward J. Davila approves the deal, a settlement fund will be established to pay out investors who purchased PG&E stock, options, or notes during the class period.
Who Is Eligible for the $100 Million Fund?
The settlement class typically includes individuals and institutions that purchased or acquired PG&E Corporation or Pacific Gas and Electric Company securities between April 29, 2015, and November 15, 2018. This window covers the time leading up to the 2017 North Bay Fires and the 2018 Camp Fire, which eventually forced the company into bankruptcy.
Status of the Litigation and Preliminary Approval
The case has been pending for years due to PG&E’s 2019 bankruptcy stay. However, following a successful appeal in May 2024, the litigation resumed in district court. As of January 31, 2026, the preliminary approval hearing is scheduled for February 26, 2026. Once preliminary approval is granted, official notices and claim forms will be mailed to known shareholders.
What You Must Know About Securities Class Actions
Securities lawsuits are distinct from utility liability lawsuits because they focus on financial harm to investors rather than physical fire damage. Under the Securities Exchange Act of 1934, companies must be transparent about risks that could materially impact their stock price.
Why This Differs from the Fire Victim Trust
It is important to understand that this $100 million fund is separate from the $13.5 billion Fire Victim Trust. While the Trust compensates those who lost homes or lives, this securities settlement is specifically for those who suffered financial losses in the stock market. Accepting a payment here typically does not affect your rights in other property damage claims unless you also owned PG&E stock.
Common Risks for Claimants
The most common mistake in securities cases is failing to provide “proof of purchase.” To qualify, you must have documentation showing:
- Trade Confirmation: Exact dates and prices of your PG&E stock purchases.
- Loss Calculation: Proof that you held the stock through the “corrective disclosures” (the dates the fires and safety failures became public).
- Timely Filing: Securities settlements have strict “Bar Dates.” Missing the deadline—which will likely be set for mid-2026—will result in an automatic denial.
What to Do Next to Secure Your Claim
If you held PG&E securities between 2015 and 2018, you should prepare your financial records now to ensure you are ready when the claim portal opens.
Step 1: Verify Your Transaction History
Review your brokerage statements from April 2015 through November 2018. You need to identify every purchase and sale of PG&E stock (PCG), options, or bonds. If you no longer have access to these accounts, contact your broker immediately to request archived statements.
Step 2: Look for the Official Class Notice
Following the February 26, 2026 hearing, the court-appointed claims administrator will launch a dedicated website. You should receive a postcard or email notice if you are a “record holder.” If you held stock through a “street name” (a brokerage), the broker is responsible for forwarding the notice to you.
Step 3: File Your Proof of Claim
Once the court grants preliminary approval, you will have a window—usually 90 to 120 days—to submit a Proof of Claim and Release Form. This can typically be done online. Ensure you include all required attachments, as missing a single trade confirmation can lead to a significant reduction in your damages award.
FAQs About the PG&E Investor Settlement
Why is PG&E paying $100 million to investors?
The settlement resolves claims that PG&E violated federal laws by misleading the market about its wildfire prevention efforts. Investors argue that if they had known the true state of PG&E’s equipment, they wouldn’t have bought the stock at such high prices.
How do I know if I am part of the settlement class?
You are likely part of the class if you bought PG&E securities (stock, notes, or options) between April 29, 2015, and November 15, 2018. Specific exclusion rules may apply to company insiders or those who already reached individual settlements.
When will I receive my payment?
Payments rarely go out immediately. After the February 2026 hearing, the court must grant “Final Approval,” which usually happens six months later. Most investors can expect checks in late 2026 or early 2027.
What documents do I need to file a claim?
You will need brokerage statements or trade confirmations showing the number of shares purchased, the date of the trade, and the price paid per share. Digital copies are preferred for the online claim portal.
Can I still sue PG&E individually for my stock losses?
If you want to sue individually, you must “opt out” of the class action. The deadline to exclude yourself will be set during the February 2026 hearing. Most small investors stay in the class because individual litigation is expensive.
Does this affect my fire victim claim?
No. This settlement is for financial losses in the stock market. It is entirely separate from the claims managed by the Fire Victim Trust for those who suffered physical or property damage from the fires.
Last Updated: January 31, 2026
Disclaimer: This article is for informational purposes and does not constitute legal or financial advice.
If you held PG&E stock during the 2017–2018 wildfires, monitor the district court docket for the official claim filing deadline in 2026.
Stay informed, stay protected. — AllAboutLawyer.com
About the Author
Sarah Klein, JD, is a licensed attorney and legal content strategist with over 12 years of experience across civil, criminal, family, and regulatory law. At All About Lawyer, she covers a wide range of legal topics — from high-profile lawsuits and courtroom stories to state traffic laws and everyday legal questions — all with a focus on accuracy, clarity, and public understanding.
Her writing blends real legal insight with plain-English explanations, helping readers stay informed and legally aware.
Read more about Sarah