Fire Victim Trust

On January 11, 2023, the Trust announced a pro rata payment increase to 60% following additional stock sales.  Read the press release here.

On December 15, 2022, the Trust announced the sale of 60 million shares of PG&E stock, resolution of the 10th opt-out claim, and issuance 90% of all Determination Notices.  Read the press release here.

On November 15, 2022, the Trustee posted responses to fire survivors' questions submitted during a recent meeting hosted by Sonoma County Supervisors Susan Gorin and James Gore.  Read the responses here.

On November 14, 2022, the Trust sent letters in support of H.R. 7305 to amend IRS Code of 1986 for certain fire survivors' claimants. Read the letters here

Welcome to The Official Fire Victim Trust Website


Under the direction of Cathy Yanni (Trustee), the Fire Victim Trust is ever-focused on resolving Fire Victims’ claims to help them recover and move on successfully with their lives.

The Trust reviews claims and issues Determination Notices daily and disburses payments twice monthly, compensating Fire Victims for economic and non-economic damages caused by the 2015 Butte, 2017 North Bay, and 2018 Camp Fires, including destruction or damage to real estate and personal property, additional living expenses, lost wages, business losses, emotional distress, personal injury or death and related medical expenses.

In addition to the program statistics below, you can access Trust information using the Information and FAQs menu tabs above.  Prior Trustee updates are included on the Documents page here.  Claimants (or their lawyers, if represented) can access their confidential claims information, notices, and other program materials by logging into their secure Portal account here.


A Message from the Trustee of the Fire Victim Trust


January 11, 2023
 

Happy New Year. I hope 2023 will be a good year for fire survivors and am delighted to share that the Fire Victim Trust announced today that it will be increasing pro rata payments from 45 percent to 60 percent effective January 31, 2023. This increase was made possible by the Trust’s recent sales of Pacific Gas & Electric stock. It is an important development for fire survivors, and I share the press release issued today for more details. Our work to process claims continues, and today’s news is a sign of significant progress.




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Fire Victim Trust to Increase Pro Rata Payments to California Fire Survivors
From 45% to 60% Based on Recent Stock Sales

San Francisco, CA — Cathy Yanni, Trustee of the Fire Victim Trust (FVT), announced a pro rata payment increase from 45 percent to 60 percent effective January 31, 2023. This increase was made possible by the Trust’s cumulative sales of 190 million shares of Pacific Gas & Electric (PG&E) stock since October 2022.

“With $2.82 billion in additional liquidity from our recent stock sales, we were confident we could safely increase the pro rata payment percentage for all Fire Victims,” said Cathy Yanni. She added: “We will continue to monitor the markets in collaboration with our financial advisors to monetize the remaining shares as quickly as we can, but in a responsible manner, taking into account price, market conditions and the needs of fire survivors.”

The FVT was created in July 2020 and funded with both cash and shares of stock pursuant to PG&E’s Chapter 11 Plan of Reorganization. At that time, 476,995,175 shares of common stock were transferred to the Trust. This was followed on August 3, 2020, with an additional 748,415 shares. On January 9 and 10, 2023, FVT sold 60 million shares of PG&E stock. Prior to this month’s sales, the FVT had sold 230 million shares across five sales — Jan 31, 2022 (40 MM shares); April 14 (60 MM shares); Oct 4 (35 MM shares); Oct 27 (35 MM shares); Dec 12 (60 MM shares). Any sale, disposition or other transaction involving the Trust’s shares follow strict guidelines as outlined in filings with the U.S. Bankruptcy Court and the U.S. Securities and Exchange Commission.

As of January 12, 2023, the FVT had issued determination notices to 91% of all claimants and paid claimants over $5.93 billion. Less than 1% of all claims have been appealed.

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Sincerely,

Alternate Text

Cathy Yanni


Program Statistics

(As of 1/13/23)

Claimants with Submitted Claims Questionnaires (CQs)
67,965
Submitted CQs
36,702
Claims Asserted
240,660
Claimants with Determination Notices
61,657 (91%)
CQs with Determination Notices Issued
33,563 (91%)
CQs with Accepted Determination Notices
28,560 (78%)
Paid Claimants
52,033 (77%)
Amount Paid
$6.03 billion
Amount Awarded
$14.91 billion
Payments by Month (Last Six Months)
Submitted Claims Questionnaires - 36,702
Total Payments Issued

Timeline


9/9/2015

Butte Fire

10/9/2017

North Bay Wildfires (includes 22 major fires)

11/8/2018

Camp Fire

1/29/2019

PG&E filed for bankruptcy protection

6/10/2019

Cathy Yanni appointed Administrator of Wildfire Assistance Program

12/1/2019

PG&E and Tort Claimants Committee reached $13.5 billion settlement

4/14/2020

Hon. John K. Trotter (ret.) and Cathy Yanni appointed Trustee and Claims Administrator of the Fire Victim Trust (FVT)

6/20/2020

Bankruptcy Court confirmed PG&E’s Chapter 11 Plan of Reorganization

7/1/2020

FVT established and funded with $5.4 billion cash and PG&E stock

7/1/2020

FVT began accepting claims information on FVT Portal

8/17/2020

Claims Questionnaire available

11/23/2020

FVT began issuing Preliminary Payments to Fire Victims

12/31/2020

Original Claims Questionnaire filing deadline (later extended to 2/26/21)

1/15/2021

$758 million cash payment received from PG&E

2/26/2021

Claims Questionnaire filing deadline (extended from 12/31/20)

3/15/2021

FVT began issuing Pro Rata Payments to Fire Victims

6/25/2021

$1B Awarded in Determination Notices

8/13/2021

$2B Awarded in Determination Notices

9/22/2021

$3B Awarded in Determination Notices

10/29/2021

$4B Awarded in Determination Notices

12/9/2021

$5B Awarded in Determination Notices

1/17/2022

$592 million cash payment received from PG&E

1/28/2022

$6B Awarded in Determination Notices

3/3/2022

$7B Awarded in Determination Notices

4/11/2022

$8B Awarded in Determination Notices

5/16/2022

$9B Awarded in Determination Notices

6/23/2022

$10B Awarded in Determination Notices

7/1/2022

Cathy Yanni becomes Trustee of the Fire Victim Trust

7/29/2022

$11B Awarded in Determination Notices

9/7/2022

$12B Awarded in Determination Notices

9/30/2022

$5B Paid to Fire Victims

10/13/2022

$13B Awarded in Determination Notices

11/29/2022

$14B Awarded in Determination Notices

Claims Process Overview


The Claims Resolution Procedures approved in PG&E’s bankruptcy cases require the Trust to issue a single Determination Notice that includes all claims in each Claims Questionnaire. This creates a multi-step process under which if even one claim is missing information, the Trust must notify the Fire Victim (or their lawyer, if represented) and await supplemental documents before finalizing its review and issuing a Determination Notice.

After receiving sufficient information for all claims, the Trust issues a Determination Notice that includes an aggregate award for all of the claims. Fire Victims may accept this initial determination or may request additional review and submit supplemental claim materials as part of the Reconsideration and Appeals processes. After Appeal (or any earlier point at which the Fire Victim accepts their determination), the determination becomes final, and the claims move into the payment process.

The Trust issues Determination Notices daily and issues payments twice a month. Because the Trust is a limited fund and bankruptcy laws, court order, and the Trust Documents require that eligible Fire Victims each receive an equal proportion of their awards, Fire Victims receive payments in pro rata installments commensurate with the total cash funding currently available to the Trust.

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