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Why PG&E Stock Popped 12% This Morning

TheMotleyFool

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Shares of bankrupt electric utility PG&E Corporation (NYSE: PCG) stock are getting a lift this morning. Down 82% over the last couple of years, PG&E shares are up 8% (as of 11:15 a.m. EDT), apparently in response to a lawsuit filed in California by consumer rights group the Utility Reform Network.

As Bloomberg reports today, the group is challenging the fees charged by law firms working on the PG&E bankruptcy, alleging that "overstaffed meetings ... questionably high hours and submitted travel and meal expenses" have inflated the company's legal bills and "shouldn't have been allowed."

Image source: Getty Images.

Source Fool.com

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