Berkshire Hathaway (Berkshire Hathaway Inc.)MegamillionwinningnumbersPacifiCorp is facing a $30 billion claim from victims of International Labour Day's wildfire in Oregon in 2020, escalating a legal crackdown on the largest power grid operator in the western United States.
Although a revised complaint filed on Monday claims compensation of about 2% of the actual value of Pacific Power Company.Megamillionwinningnumbers.5 times, but based on the claims settled so far, this is also much higher than the amount of compensation that Pacific Power is likely to face.
Pacific's growing debt prompted Berkshire chairman Warren Buffett to warn in his annual letter to investors that wildfires had turned utilities in the western US into risky investments. Utilities in California, Colorado, Hawaii and Texas also face billions of dollars in fire liability.
The jury has found that Pacific was responsible for its role in the fire in 2023, but the victim must go through a separate trial to determine personal damage. The new documents filed by the state court in Portland formally added the names of 1000 residents involved in class-action lawsuits involving the destruction of about 2500 properties in western Oregon.
So far, jurors have awarded 36 plaintiffs a total of about 2MegamillionwinningnumbersCompensation of 0.20 million US dollars, with an average of 6 million US dollars per person. That is far less than the $30 million each demanded by the victim's lawyers in a lawsuit filed on Monday, which seeks compensation of up to $5 million in actual losses and $25 million in psychological trauma.
Pacific is appealing a verdict of gross negligence last June after it lashed out at the amount of damages demanded by the plaintiffs.
Pacific lawyers wrote in a court document in OctoberMegamillionwinningnumbers"it is delusional to think that among the large number of plaintiffs, any person with the least economic loss and no personal injury is entitled to $25 million in non-economic damages."
Lawyers for the plaintiffs declined to comment on the documents submitted on Monday.
Berkshire said in a recent regulatory filing that it faces about $8 billion in fire claims in Oregon and California. This includes a total of more than $1 billion in fire and clean-up costs from states and U. S. government agencies.
At last year's trial, the utility was accused of failing to heed the weather warning and shutting down power in the service area before the storm overturned power lines.
"the most likely outcome is a multibillion-dollar settlement," said Elliot Stein, a senior litigation analyst. Both sides have a motive for reconciliation. It is risky for Pacific to go to trial with all the collective plaintiffs because it has lost the first three jury trials and the verdict indicates billions of dollars in potential losses as low as the median. The plaintiffs are also motivated because Pacific has a viable argument in the appeal to eliminate non-economic losses. "
Pacific, which has settled some claims for the 2020 fire, says it is confident that the 2023 liability judgment will be overturned on appeal. But the lawsuit spooked investors and damaged the company's bonds and credit ratings.
Last summer, the company replaced its chief executive and is exploring options with Oregon regulators and lawmakers to minimize its wildfire risk, including compensation for clients' litigation losses. and limit damages for non-economic claims.