PG&E $100M Securities Settlement Hid Its Wildfire Risk From Investors for Three Years, Here’s How to Claim Your Losses

PG&E Corp. and Pacific Gas and Electric Co. told investors for years that it managed wildfire risk responsibly. Then the 2017 and 2018 Northern California wildfires — including the deadliest wildfire in state history — revealed the opposite. Investors who purchased PG&E securities between April 29, 2015, and November 15, 2018, and sustained damages as a result, may now be eligible to claim a cash payment from a $100,000,000 class action settlement. The deadline to file is July 6, 2026.

Quick Facts

Field	Detail
Settlement Amount	$100,000,000
Claim Deadline	July 6, 2026
Who Qualifies	Purchasers of PG&E Corp. securities from Apr. 29, 2015 – Nov. 15, 2018
Estimated Payout	~$0.09/share (common stock); ~$2.04/note (Securities Act notes) — after deductions
Proof Required	Yes — brokerage records required
Settlement Status	Open for Claims
Administrator	A.B. Data Ltd.
Official Website	pgecorporationsecuritieslitigation.com

Where Things Stand Right Now

• The settlement is currently open for claims. The claim filing deadline, opt-out deadline, and objection deadline are all July 6, 2026.
• The final settlement hearing is scheduled for August 25, 2026 before the U.S. District Court for the Northern District of California.
• The settlement also resolves related rescission and damage claims filed by investors in PG&E’s Chapter 11 bankruptcy cases — investors who filed claims in the bankruptcy must also file a claim here to receive any payment from this settlement.

PG&E Kept Telling Investors Its Wildfire Risk Was Under Control — It Wasn’t

PG&E is California’s largest utility, supplying natural gas and electricity to roughly 16 million people across Northern and Central California. It is also the company whose equipment investigators linked to multiple catastrophic wildfires — including the 2018 Camp Fire that destroyed the town of Paradise and killed 85 people.

The class action lawsuit alleged PG&E Corp. and certain officers, directors, and underwriters made false and misleading statements about the company’s safety practices, vegetation management operations, regulatory compliance, and wildfire risk. Specifically, the lawsuit claimed that throughout the class period, PG&E publicly presented its infrastructure maintenance and vegetation management as adequate and compliant — when in reality, the company had chronically deferred safety work and its aging equipment posed serious wildfire ignition risk.

The plaintiffs claimed these misrepresentations artificially inflated PG&E securities prices and caused investor losses when news linked PG&E to multiple Northern California wildfires in 2017 and 2018. As that news broke across multiple corrective disclosure dates, PG&E’s stock price dropped sharply. Investors who bought at inflated prices absorbed those losses. PG&E and all other defendants denied wrongdoing but agreed to the $100,000,000 settlement to avoid further litigation.

You Owned PG&E Stock or Bonds During the Wildfire Years — Here’s Exactly What Qualifies

You may be eligible for a portion of the $100 million settlement if you purchased or otherwise acquired PG&E securities during the period from April 29, 2015 through November 15, 2018, both dates inclusive.

Eligible securities go beyond common stock. You may qualify if you held any of the following:

• You may qualify if you purchased or acquired PG&E common stock (NYSE: PCG) during the class period and sustained losses.
• You may qualify if you purchased PG&E preferred stock during the class period.
• You may qualify if you purchased exchange-traded call or put options with PG&E common stock as the underlying security.
• You may qualify if you purchased PG&E notes issued in or traceable to five specific bond offerings: the April 2018 Offering 3.95% Notes due 12/1/2047 (CUSIP 694308HY6), the April 2018 Offering 3.3% Notes due 12/1/2027 (CUSIP 694308HW0), the December 2016 and March 2017 Offerings 4% Notes due 12/1/2046 (CUSIP 694308HR1), the March 2017 Offering 3.3% Notes due 3/15/2027 (CUSIP 694308HS9), and the March 2016 Offering 2.95% Notes due 3/1/2026 (CUSIP 694308HP5).
• You may qualify if you are an institution, pension fund, trust, estate, or other legal entity that held qualifying PG&E securities — each must submit a separate claim form.

You do not qualify if you held PG&E securities exclusively through a mutual fund — though the mutual fund itself may file its own claim. You also do not qualify if you only purchased PG&E securities after November 15, 2018.

One critical note for bankruptcy claimants: settlement class members who previously filed a rescission or damage claim in PG&E’s Chapter 11 bankruptcy cases must also submit a claim form in this settlement to receive a payment. Filing in the bankruptcy alone is not sufficient.

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What Your PG&E Holdings Are Worth — A Security-by-Security Breakdown

The $100,000,000 fund splits into two pools: equity claims receive at least 83.85% of the settlement, and debt claims receive up to 16.15%. Your actual recovery depends on what you owned, when you bought and sold, and how many total valid claims are filed.

Estimated average recoveries before deductions for attorneys’ fees and expenses vary by security type: approximately $0.13 per share for common stock, $0.03 per share for preferred stock, $2.95 per note for Securities Act notes, and $0.22 per note for Exchange Act notes. After deductions, estimated net recoveries are approximately $0.09 per share for common stock, $0.02 per share for preferred stock, $2.04 per note for Securities Act notes, and $0.15 per note for Exchange Act notes.

The plan of allocation uses artificial inflation tables to calculate your recognized loss — the amount the court assigns as your compensable damage — for each security on each trading day. Here is how recognized losses calculate for common stock specifically:

• Shares sold before October 12, 2017: Recognized loss is $0. These sales predate the first corrective disclosure event.
• Shares sold October 12, 2017 through November 14, 2018: Recognized loss equals artificial inflation on the purchase date minus artificial inflation on the sale date.
• Shares sold November 15, 2018 through February 12, 2019 (90-day lookback): Recognized loss is the least of: artificial inflation on the purchase date, the purchase price minus the rolling average closing price through the sale date, or the out-of-pocket loss.
• Shares held as of February 12, 2019: Recognized loss is the lesser of: artificial inflation on the purchase date, or the purchase price minus $19.42 — the average closing price during the 90-day lookback period.

Two additional adjustments apply: Securities Act note recognized loss amounts receive a 25% upward adjustment to reflect the litigation advantage of Securities Act claims over Exchange Act claims, and class members who previously filed a rescission or damage claim in PG&E’s Chapter 11 cases will receive a 25% increase to their overall recognized claim.

The settlement administrator caps claims for PG&E call and put options at 1% of the fund, sets any recognized loss that calculates to a negative number to $0, and will not issue payments below $10.

Here is the full fund breakdown before any distributions reach investors:

Deduction	Amount
Attorneys’ fees	Up to $25,000,000
Attorneys’ expenses	Up to $5,715,000
Settlement administration costs	TBD
Net fund to investors	Remainder (approx. $69M+)

The complete artificial inflation tables for all security types are posted at pgecorporationsecuritieslitigation.com. The full plan of allocation covering preferred stock, options, and all note categories is also available there.

97 Days Left — How to File Your PG&E Claim

Step 1 — Go to the official online claim portal at pgecorporationsecuritieslitigation.com/submit-online-claim or download the PDF claim form at pgecorporationsecuritieslitigation.com/noticesclaim-form.

Step 2 — Enter your personal information including the last four digits of your Social Security number or taxpayer identification number.

Step 3 — Enter your complete PG&E transaction history: holdings of PG&E common stock as of the opening of trading on April 29, 2015; all purchases, acquisitions, and sales from April 29, 2015 through February 12, 2019; and holdings as of the close of trading on February 12, 2019. For preferred stock, notes, and options, use the applicable date ranges specified in the claim form. For Securities Act notes specifically, report purchases from each note’s issue date through June 30, 2020, and sales through June 30, 2020.

Step 4 — If you previously filed a rescission or damage claim in PG&E’s Chapter 11 bankruptcy cases, enter your bankruptcy claim number on the claim form to receive the 25% recognized claim increase.

Step 5 — Attach supporting brokerage documentation. Acceptable proof includes broker confirmation slips, broker account statements, or authorized statements from a broker containing the transactional and holding information found in a confirmation slip or account statement.

Step 6 — Submit online by July 6, 2026, or mail your completed paper form to: PG&E Corp. Securities Litigation, c/o A.B. Data Ltd., P.O. Box 173069, Milwaukee, WI 53217. Save your confirmation number or mailing receipt.

Estimated time to complete: 30–60 minutes for individual investors; longer for institutional investors with large transaction histories. Institutional filers should use the electronic filing templates and instructions available at pgecorporationsecuritieslitigation.com/institutional-electronic-filing.

Eight Years From the First Lie to the Last Deadline — The Full Timeline

Milestone	Date
Class period begins	April 29, 2015
October 2017 Northern California wildfires — first corrective disclosure	October 12, 2017
Camp Fire (Paradise, CA) — class period ends	November 15, 2018
90-day lookback period ends	February 12, 2019
PG&E files for Chapter 11 bankruptcy	January 29, 2019
Class action filed (No. 5:18-cv-03509-EJD)	2018
PG&E emerges from bankruptcy	July 2020
$100M settlement reached	2025–2026
Claims portal opens	March 2026
Claim / Opt-out / Objection deadline	July 6, 2026
Notice to appear deadline	July 6, 2026
Final fairness hearing	August 25, 2026
Expected payment date	TBD — post final approval

Frequently Asked Questions

Do I need a lawyer to file a claim? 

No. You file directly through the official online portal at pgecorporationsecuritieslitigation.com/submit-online-claim without hiring an attorney. Lead counsel already negotiated the settlement on behalf of all class members. Institutional investors with complex portfolios should review the electronic filing instructions available on the settlement website.

Is this PG&E settlement legitimate? 

Yes. This official website is maintained by the claims administrator under the supervision of Lead Counsel in the class action entitled In Re PG&E Corporation Securities Litigation, No. 5:18-cv-03509-EJD, pending in the United States District Court for the Northern District of California. The settlement administrator is A.B. Data Ltd., one of the country’s largest class action administration firms.

When will I receive my payment?

 A.B. Data will process all claims and issue checks after the court grants final approval at the August 25, 2026 hearing and any appeal period resolves. Securities class action settlements of this complexity — particularly those with bankruptcy crossover claims — typically take 12–18 months from final approval to distribute payments.

What if I missed the claim deadline?

 Submitting a claim form on or before July 6, 2026 is the only way to get a payment from the settlement. Late claims are generally rejected. Contact A.B. Data at 866-302-5617 or [email protected] immediately if you have questions about your filing status.

Will this settlement payment affect my taxes?

 Possibly. Payments from securities fraud class action settlements are generally treated as a return of capital up to your cost basis, with any excess potentially taxable as a capital gain. The tax treatment depends on your individual holding period, cost basis, and circumstances. Consult a tax professional — particularly if you are an institutional investor or held a large position.

I filed a claim in PG&E’s bankruptcy — does that mean I’m already in this settlement?

 No. Settlement class members who previously filed a rescission or damage claim in PG&E’s Chapter 11 bankruptcy cases must also submit a claim form in this settlement to receive a payment. However, those who did file a bankruptcy claim receive a 25% increase to their recognized claim amount — a meaningful boost worth claiming. You must enter your bankruptcy claim number on the settlement claim form to receive that benefit.

I only owned PG&E bonds, not stock — can I still file? 

Yes, if your bonds are among the five eligible note offerings identified in the settlement. Eligible notes include the April 2018 Offering 3.95% Notes (CUSIP 694308HY6), April 2018 Offering 3.3% Notes (CUSIP 694308HW0), December 2016 and March 2017 Offerings 4% Notes (CUSIP 694308HR1), March 2017 Offering 3.3% Notes (CUSIP 694308HS9), and March 2016 Offering 2.95% Notes (CUSIP 694308HP5). Check your brokerage records for these CUSIPs. Securities Act note claimants receive a 25% upward adjustment to their recognized losses.

My 401(k) or pension fund held PG&E stock — am I in the class?

 If your retirement assets were held in a mutual fund that owned PG&E stock, the mutual fund itself — not you individually — may be a class member. If your 401(k) allowed you to hold PG&E stock directly as a named account holder, you may qualify individually. Contact your plan administrator to determine how your PG&E exposure was held and whether a claim should be filed on your behalf.

Sources & References

• Official Settlement Website & Claim Portal: pgecorporationsecuritieslitigation.com
• Official Long-Form Class Notice & Schedule A (PDF): pgecorporationsecuritieslitigation.com — PGE Long Form Notice
• Artificial Inflation Tables (PDF): pgecorporationsecuritieslitigation.com — Plan of Allocation Tables
• Full Plan of Allocation (PDF): pgecorporationsecuritieslitigation.com — Plan of Allocation
• U.S. District Court, Northern District of California — Case No. 5:18-cv-03509-EJD

Last Updated: March 31, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.