A judge is threatening to prevent PG&E from resuming dividend payments to shareholders until it reduces its role in sparking California wildfires, an action with little precedent
Judge William Alsup, giving a lecture at Mississippi State University. Photo: Megan Bean/Mississippi State University By Katherine Blunt March 31, 2019 12:28 p.m. ET A federal judge is threatening to prevent PG&E Corp. PCG 3.19% from resuming dividend payments to shareholders until it reduces its role in sparking California wildfires, an action with little precedent that could have big repercussions for other companies put on probation.
The judge has broad authority to take serious steps against PG&E, legal experts say, after a federal sentencing commission issued new guidelines in the 1990s that enable federal authorities to go beyond collecting fines and craft measures to improve compliance from companies on probation. But his requirements would be largely unprecedented, and could redefine the boundaries of federal authority in sanctioning repeat corporate offenders.
PG&E workers repaired damage last November caused by the Camp Fire in Paradise, Calif. Photo: elijah nouvelage/Reuters In a March order, Judge Alsup wrote that PG&E paid shareholders nearly $2 billion in dividends over 2016 and 2017, while maintaining a dismal record on pruning or removing trees that could fall onto its power lines.
But Judge Alsup’s proposal is significant, because by forcing the company to focus on safety spending, the court would assume control of a function usually left to the board of directors. In 2017, the judge overseeing the case, Thelton Henderson, set a five-year probation term that required PG&E to pay a $3 million fine, complete 10,000 hours of community service, improve its gas operations and submit to a federal monitor. He retired that summer, leaving the case to Judge Alsup, who was nominated to the bench by President Bill Clinton in 1999.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
U.S. judge approves bankruptcy loan for California power producer PG&EBankrupt California power provider PG&E Corp won court approval on Wednesday for...
Weiterlesen »
This Neuroscientist Wants You To Control Your Devices Like A JediCTRL-Labs cofounder Patrick Kaifosh has a vision that one day you’ll control your electronics with a flick of the wrist.
Weiterlesen »
Fire in Bangladesh high-rise fully controlled after 25 diedDHAKA, Bangladesh (AP) — A fire in a high-rise office building in Bangladesh's capital has been brought under full control with the death toll climbing to 25, fire officials said Friday. The...
Weiterlesen »
Opinion | Trump wants to kill Obamacare because it's more popular than he isOpinion | Robert Schlesinger: Trump wants to kill Obamacare because it's more popular than he is. - NBCNewsTHINK
Weiterlesen »
Apple Really Wants You To Know It’s Good At Privacy, Unlike Those Other CompaniesUser privacy was front and center at Apple’s announcement of new streaming, news, and credit card services.
Weiterlesen »
Texas AG investigating Chick-fil-A's exclusion at airportAUSTIN, Texas (AP) — Republican Texas Attorney General Ken Paxton says he's investigating a decision to exclude Chick-fil-A from an airport concession contract over opposition to the fast-food chain owners' record on LGBT issues.
Weiterlesen »
Texas A.G. investigating Chick-Fil-A's exclusion at airportTexas' attorney general opens investigation into San Antonio's decision to exclude Chick-fil-A from opening airport concession facilities due to the fast-food chain owners' record on LGBT issues. - NBCOUT
Weiterlesen »