PG&E Shares Collapse After California Lawmakers Pass SB 492 That Falls Short on Wildfire Liability Reform
PG&E Corp. stock plunged in pre-market trading after California lawmakers approved SB 492 on August 29, a bill that did not enact the sweeping wildfire liability changes utilities sought. Governor Gavin Newsom's proposal to end insurer subrogation was formally rejected, leaving insurers able to pursue utilities for wildfire losses and exposing PG&E…