• PG&E Corp. and its Pacific Gas & Electric Co. utility filed for bankruptcy in San Francisco yesterday. Advised by Weil, Gotshal & Manges, and Cravath, Swaine & Moore, plus restructuring adviser AlixPartners, the company listed $51.7 billion in total debts and $71.4 billion in assets. But with investigators still probing whether its equipment ignited the deadliest fire in state history, PG&E might be on the hook for as much $30 billion in damages. (Bloomberg News via BLB)

  • With creditors including Bank of New York Mellon Corp., Citigroup Inc., and Wells Fargo, among others, the “complex” bankruptcy could drag on for years, and its collateral damage could include rising electricity rates and homeowners who suffered fire losses. But Wall Street and Big Law firms are likely to earn hundreds of millions of dollars in fees. (New York Times DealBook)

  • San Francisco federal Judge Dennis Montali, assigned to oversee the utility’s bankruptcy filing, also handled its restructuring after California’s 2001 energy crisis, when power prices surged tenfold. (Bloomberg News via Bloomberg Law)

  • Arnold & Porter client Visa Inc. and Paul Weiss client Mastercard Inc. won preliminary approval of their second attempt at settling antitrust allegations of more than 12 million U.S. merchants, and will pay up to $6.26 billion under the deal, a purported record cash settlement. (Bloomberg Law via BLB)

  • A Georgia federal judge dismissed securities fraud claims against three Equifax Inc. corporate officers in the company’s massive 2017 data breach, but the class action against Equifax itself and its former CEO lives on. Cadwalader; Troutman Sanders; and King & Spalding represented Equifax. (Bloomberg Law)

  • Facebook, facing calls for regulation and mulling a merger of its messaging apps, has hired two privacy policy specialists. (Corporate Counsel)

  • Arnold & Porter opened a new office in Newark, New Jersey, led by one of the state’s former U.S. attorneys, partner Paul J. Fishman, joined by senior counsel John M. Fietkiewicz, who worked with Fishman in the same U.S. office, and six other attorneys. (BLB)

Lawyers, Law Firms, Deals

  • Kirkland & Ellis is representing an opera singer who is suing the city of Alexandria, Virginia, over her arrest while singing “Ave Maria” on a street corner. (Bloomberg Law via BLB)

  • DLA Piper advised MOXY Bank on its successful application for deposit insurance to the Federal Deposit Insurance Corporation. Moxy, the first new bank in the Washington, D.C. area, since 2005, has an African-American female chair and reportedly plans to focus on minority customers. (Washington Business Journal) (DLAPiper.com)

  • Winston & Strawn client Century Park Capital Partners invested in Tallahassee-based enterprise software company MCCi, LLC. (Associated Press)

Laterals, Moves, Promotions

  • Blank Rome grabbed Reed Smith’s class action defense team leader, Roy W. Arnold, as a commercial litigation partner in Pittsburgh and co-chair of the national class action defense team. (BlankRome.com)

  • Holland & Knight hired Locke Lord bankruptcy partner and practice co-chair Dave Wirt to lead its Chicago office as executive partner, and co-chair of the firm’s national bankruptcy, restructuring and creditors’ rights practice group. Accompanying Wirt is Locke Lorde bankruptcy partner David Fischer. (HKLaw.com)

  • Perkins Coie added Japanese-speaking M&A lawyer Tom Stromberg as a partner in L.A. He joins from Jenner & Block, where he was a partner and co-head of that firm’s media and technology group. (PerkinsCoie.com) (LawFuel.com)

  • Litigation funder Validity Finance said former Proskauer Rose Chair Allen Fagin joined its board of directors, while former commercial litigator and Supreme Court clerk William C. Marra joined in New York as portfolio counsel, arriving from Cooper & Kirk. Validity also said it hired former federal judge John Gleeson, now a Debevoise & Plimpton partner, as outside counsel. (Validity-Finance.com)

  • King & Spalding said corporate lawyer Alan Noskow joined as a partner in the firm’s corporate, finance, and investments practice group in Washington, arriving from Manatt, Phelps & Phillips. (KSLaw.com)

  • Littler, the management-side worklaw firm, hired veteran employment litigator Margaret L. Watson as a shareholder in its New York City office. Watson, a former senior counsel and director at Merrill Lynch, arrives most recently from McElroy, Deutsch, Mulvaney & Carpenter. (Littler.com)

  • Mintz said investment funds lawyer Loretta Shaw-Lorello joined the firm’s corporate practice as a member, arriving from Covington & Burling, where she was vice-chair of the private funds practice and partner in the private equity practice. (Mintz.com)

  • Goodwin is adding two partners to its private equity group. Joshua Soszynski joins the firm’s New York office, from Kirkland & Ellis. In its Frankfurt, Germany, office, Gregor Klenk joins from Latham & Watkins. (GoodwinLaw.com)

  • Carlton Fields said commercial litigator Farah Z. Alkayed joined the firm’s L.A. office as an associate. (CarltonFields.com)

Legal Actions, Bankruptcies, Decisions

  • Standard Chartered Plc was fined $40 million by New York’s Department of Financial Services after admitting it rigged foreign-currency trades between 2007 and 2013. (Bloomberg News via Bloomberg Law)

  • Orrick represented a Vietnam veteran afflicted with prostate cancer and diabetes who won a federal appeals ruling that he is entitled to benefits under the Agent Orange Act. (Bloomberg Law)