The guy walking would have been smoked either way. It looks like if the volvo wouldn't have hit the PT he would have nailed the guy. I think the guy started to run only because he heard squeeling tires and looked.

 

Here is my theory: The car that is stopped is waiting for his left trun green arrow, the light the PT is going through is green with the arrow off because the pedestrian used the "walk button". The Volvo that takes out the PT is running a red light. The reason the other cars are coming to a stop is that they have a red in anticipation of the upcoming left hand turn light on this side of the video. Still.. OUCH!

 

Good theory, that puts the fault soley on the volvo, which would make more sense than having all of these three illegal acts happening at once:
(1) The PT running a Yellow
(2) The pedestrian walking against the light
(3) The Volvo running a light

Another thought I had in regards to the Volvo trying to "time" the light. That is next to impossible to do with hanging stop lights. I have lived in Michigan for 2 years where they have hanging lights (like in the video) and you cannot see the colour of the traffic light running perpendicular to your road.
It is different from our lights which are far enough back from the intersection that you can see when perpendicular lights are changing yellow.