Berkshire Hathaway owns PacifiCorp. In 2020, equipment owned by PacifiCorp caused several wildfires over Labor Day weekend. Lawsuits were filed and the company was found guilty in June of causing major damage to the properties of 17 property owners.
The award for that guilty verdict — $90 million.
That decision could pave the way for many millions — and maybe even billions — more from other property owners if the company was found guilty. Seeing the painting on the wall, PacifiCorp settled to avoid another potentially costly trial.
The deal is for $299 million and it covers damages for 463 plaintiffs.
The settlement does not include insurance company claims and the claims of several timber companies.
Source link: Insurance Journal — https://www.insurancejournal.com/news/west/2023/12/08/751322.htm
Source link: Insurance Business America — https://bit.ly/3uWtuHd