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PacifiCorp (PPWLM)
- Associated Press Finance
PacifiCorp will pay $178M to Oregon wildfire victims in latest settlement over deadly 2020 blazes
Pacific Power, part of PacifiCorp, said Monday it has agreed to a $178 million settlement with over 400 Oregon plaintiffs in the latest multimillion-dollar payout related to the deadly 2020 wildfires that ravaged the state. In other cases that have gone to trial over the past year, Oregon juries in multiple verdicts have ordered PacifiCorp to pay hundreds of millions of dollars to victims. The majority of the 403 plaintiffs in the settlement Monday were affected by the Echo Mountain Complex Fire that devastated Oregon’s central coast, said George McCoy, one of the plaintiffs' attorneys, while others were impacted by the Santiam Fire that raged east of the state capital Salem in northwestern Oregon.
- Reuters
Berkshire exec calls wildfire claims against utility 'unfounded'
Berkshire Hathaway, the conglomerate led by Warren Buffett, will fight all lawsuits brought against its utility business due to wildfires as the cases are "unfounded," a top executive said on Saturday. Greg Abel, who is widely recognised as Buffett's successor and the future Berkshire chief executive, said at Berkshire's annual shareholding meeting that "all the litigation will be challenged" in relation to PacifiCorp [PPWLO.PK].
- Reuters
Analysis-Warren Buffett's PacifiCorp utility singed by wildfires
Two years ago, Warren Buffett branded Berkshire Hathaway's energy business one of his conglomerate's four "giants." Berkshire Hathaway Energy's PacifiCorp unit faces billions of dollars in potential liabilities from wildfires that have scorched hundreds of thousands of acres in southern Oregon and northern California. "I did not anticipate or even consider the adverse developments in regulatory returns," Buffett wrote in his annual shareholder letter in February.
