Berman Tabacco represents PG&E shareholder Oklahoma Firefighters Pension and Retirement System in a derivative action filed against certain officers and directors of PG&E’s board. This matter is pending before the Honorable Richard Seeborg in the United States District Court for the Northern District of California.
Oklahoma Firefighters Pension and Retirement System alleges that PG&E’s officers and directors breached their fiduciary duties to oversee the company’s safety and risk functions to ensure that electrical power and distribution lines complied with safety regulations and protocols to prevent them from sparking wildfires. The complaint alleges that this lack of oversight caused a series of catastrophic wildfires that ravaged areas of Northern California beginning in October 2017 resulting in thousands of homes being destroyed, leaving thousands of people homeless and 44 people dead, and costing the U.S. economy an estimated $85 billion.
The lawsuit seeks reforms to PG&E’s corporate governance and internal procedures, restitution and disgorgement from PG&E’s officers and directors, declaratory and equitable relief, and damages for PG&E, as well as other forms of relief.