More Oregon Wildfire Losses for Berkshire Hathaway

Warren Buffett’s Berkshire Hathaway owns PacifiCorp. It provides power to individuals and businesses in Oregon and Northern California. Over Labor Day Weekend in 2020, wildfires sprung up and PacifiCorp was found to be at fault for the fires for not shutting off power during high winds.

The company just settled 403 claims for $178 million. That settlement was for the Beachie Creek and Echo Mountain fires. Until that settlement, the company had paid over $900 million to wildfire victims.

So now, PacifiCorp is looking at just over a billion dollars settlements so far. That takes care of 1,500 claims but there are more to come. The plaintiffs of the $178 million settlement opted out of a class-action suit seeking $30 billion. That one is still to be settled.

PacifiCorp views the settlements as excessive.

Source link: Business Insurance — https://bit.ly/3KDdezk

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