financetom
Business
financetom
/
Business
/
Berkshire's PacifiCorp ordered to pay $29.2 million to homeowners, summer camp for 2020 Oregon wildfire damage
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Berkshire's PacifiCorp ordered to pay $29.2 million to homeowners, summer camp for 2020 Oregon wildfire damage
Mar 5, 2024 12:52 PM

March 4 (Reuters) - An Oregon state jury on Tuesday

ordered Berkshire Hathaway's ( BRK/A ) PacifiCorp ( PPWLM ) to pay at least

$29.2 million to nine homeowners and a summer camp whose

properties were damaged by 2020 wildfires they claim were

sparked when the Oregon utility failed to shut off its power

lines during high winds.

The verdict came in a trial that kicked off on Feb. 27 in

Multnomah County Circuit Court in Portland, where PacifiCorp ( PPWLM ) is

based.

The trial was the second of at least three scheduled this

year to serve as test cases to determine how much PacifiCorp ( PPWLM )

owes Oregon residents and business owners, whose homes and

properties were ravaged by a series of fires that torched parts

of the state over Labor Day weekend in 2020, causing nearly $1.9

billion in property damage and other harms, according to a state

estimate.

The company could face billions of dollars in liability to

compensate homeowners and business owners who claim the fires

damaged approximately 2,400 properties across the state. The

victims claimed in their 2020 class action that PacifiCorp ( PPWLM ) had a

duty to safely operate its electrical equipment, but negligently

failed to shut it off.

The company has said it is appealing previous verdicts

against it. It has also settled separate claims related to the

fires, and has said it will continue to settle other

"reasonable" claims as well.

A separate jury last year already determined PacifiCorp ( PPWLM ) was

liable for the fires, finding the company was grossly negligent

when it failed to shut down power lines that sparked during high

winds and set off fires across the state. That trial involved 17

people whose homes or properties were damaged, but the liability

findings apply to all the plaintiffs in the class action.

The jury also set punitive damages, which are damages

reserved for defendants whose behavior is deemed particularly

egregious, at 25% of compensatory damages. That finding also

applies to all of the plaintiffs, which should boost their

overall recovery.

In January, another jury ordered PacifiCorp ( PPWLM ) to pay at least

$62 million to nine homeowners whose properties were damaged by

the wildfires.

The company has defended its fire-prevention efforts, saying

power shutoffs were not necessary based on what it knew. It has

also said the plaintiffs did not establish that its equipment

was to blame for the wildfires.

Wildfires throughout Oregon in 2020 burned approximately

1,900 square miles (1.22 million acres), destroying an estimated

5,000 or more structures and killing at least nine people.

The U.S. government has also threatened to sue the company

over natural resources damages and fire suppression costs

associated with the 2020 Slater wildfire in southern Oregon and

northern California.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Whitestone REIT Maintains Quarterly Dividend at $0.135 per Share
Whitestone REIT Maintains Quarterly Dividend at $0.135 per Share
Mar 6, 2025
10:09 AM EST, 03/06/2025 (MT Newswires) -- Whitestone REIT ( WSR ) said Thursday its board approved a monthly cash dividend of $0.045 per share for Q2, which amounts to a quarterly dividend of $0.135 per share. The dividend for April is payable on April 10, to shareholders as of April 1. The dividend for May is payable on May...
Target Hospitality Secures Five-Year Lease With CoreCivic For Dilley Facility, Stock Gains
Target Hospitality Secures Five-Year Lease With CoreCivic For Dilley Facility, Stock Gains
Mar 6, 2025
Shares of modular accommodations and hospitality services provider Target Hospitality Corp. ( TH ) are trading higher on Thursday. The company has entered into a five-year lease and services contract with CoreCivic, Inc. to restart operations at its Dilley, Texas facility. This agreement marks the return of the South Texas Family Residential Center, which Target Hospitality ( TH ) managed from September...
Publicis doubles consumer reach to 4 billion with Lotame acquisition
Publicis doubles consumer reach to 4 billion with Lotame acquisition
Mar 6, 2025
March 6 (Reuters) - French advertising giant Publicis has reached an agreement to acquire data and ID technology group Lotame and plans to wrap it into targeted marketing unit Epsilon, its main business driver. Publicis said it expects the deal to expand its individual consumer profiles to 4 billion from a current 2.3 billion. The combined capability would allow Publicis...
Correction: iHeartMedia Insider Bought Shares Worth $320,040, According to a Recent SEC Filing
Correction: iHeartMedia Insider Bought Shares Worth $320,040, According to a Recent SEC Filing
Mar 6, 2025
10:05 AM EST, 03/06/2025 (MT Newswires) -- Robert W Pittman, Director, Chairman and CEO, on March 04, 2025, executed a purchase for 200,000 shares in iHeartMedia (IHRT) for $320,040. Following the Form 4 filing with the SEC, Pittman has control over a total of 4,263,121 Class A common shares of the company, with 4,241,389 shares held directly and 21,732 controlled...
Copyright 2023-2026 - www.financetom.com All Rights Reserved