A trust established to distribute over $13.5 billion dollars in PG&E settlement money spent more on overhead costs than survivor settlements during 2020.
KQED reports that the special Fire Victim Trust accrued $51-million in overhead costs last year while only distributing $7-million to victims. However, only a small portion of payouts to victims happened in December, and the bulk of payouts have happened in 2021. A report says that more than 9,000 claimants had received $195-million in payments as of April 30. An annual report filed in federal bankruptcy court last week by the trustee shows that $38-million was spent on financial professionals, claims administrators, consultants and other operating expenses. Another $12-million was used to set up the claims process.
KSRO New Director Michelle Marques spoke with attorney Roy Miller, who also lost his home to wildfires in 2017, about the pace of payouts and the cost of overhead in managing the trust.