Update — Oregon’s PacificCorp Lawsuit

Berkshire Hathaway Energy owns Oregon’s PacifiCorp. It was recently found guilty of starting several catastrophic wildfires in Oregon in 2020. The penalty phase is set to begin on January 8, 2024.

PacifiCorp wants to change that date and wait for the outcome of an appeal. Judge Steffan Alexander says no. The penalty phase will start on time.

If the appeal isn’t successful, experts think PacifiCorp could end up being penalized by $11 billion or more which might explain the company’s wanting to delay the inevitable.

So far the judge has awarded $90 billion to 17 plaintiffs. When you consider there are as many as 5,000 others who may follow suit, the potential losses could hit the $11 billion or more.

While PacifiCorp has no comment on the judge’s decision, it has said it is confident it will prevail in the appeals process.

Source link: Insurance Business America — https://bit.ly/3Pz1xgA

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