Tuesday, September 14, 2010

PG&E (NYSE:PCG) Compensation Fund Set Up to Help Victims of Explosion

Pacific Gas & Electric Co. (NYSE:PCG) has put a $100 million compensation fund in place to aid victims of the natural gas explosion in San Bruno, California.

Victims who receive anywhere from $15,000, $25,000 or $50,000, determined by how much their homes had been damaged, won't have to waive their right to sue if they want, contrary to the compensation fund offered by BP (NYSE:BP); although temporary payments by BP for emergency use don't require waiving the right to sue.

PG&E said in a press release, “Residents are not being asked to waive any potential claims in order to receive these funds.”

So far there have been seven deaths in the accident, with six others not accounted for.

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