Home / Business and Economy / Buffett's PacifiCorp Settles Oregon Wildfire Claims for $150M
Buffett's PacifiCorp Settles Oregon Wildfire Claims for $150M
20 Nov
Summary
- PacifiCorp agreed to a $150 million settlement with 1,434 plaintiffs.
- This settlement brings the total paid to wildfire claimants to nearly $1.7 billion.
- The utility faces billions more in claims from 2020 Oregon and California wildfires.
PacifiCorp, a utility company under Warren Buffett's Berkshire Hathaway, has reached a $150 million settlement with 1,434 plaintiffs who alleged the company caused the 2020 Labor Day weekend wildfires in Oregon.
This recent agreement significantly raises PacifiCorp's total payouts for wildfire claims to nearly $1.7 billion. The utility has allocated $2.85 billion to cover litigation costs for fires that destroyed over 2,000 structures and scorched 500,000 acres across Oregon and northern California, while still contending with claims potentially worth tens of billions.
Despite denying accusations of negligence regarding its power lines during a windstorm, PacifiCorp faces further legal challenges, including lawsuits from Oregon and the U.S. government over natural resource damage. A recent court decision to accelerate trials has raised concerns about the utility's financial stability and investment-grade status.
