PacifiCorp faces $30bn wildfire claims in Oregon, US [Yahoo! Finance]
PACIFICORP(OREG) 6 PR (PPWLO)
Company Research
Source: Yahoo! Finance
The demand is a significant increase in the legal challenges faced by the utility, which is one of the largest grid operators in the country. The claims have been filed in a state court in Portland as part of a class action lawsuit by 1,000 victims seeking compensation for the destruction of 2,500 properties in western Oregon. Each claimant is seeking up to $30m - $5m for tangible losses and up to $25m for intangible losses such as emotional distress. The amount sought in the amended complaint is roughly two and a half times the value of the utility itself, and significantly exceeds payouts from all claims resolved to date. In a previous legal decision, a jury ordered PacifiCorp to pay $90m to 17 claimants for gross negligence due to the utility's failure to shut down power lines during a windstorm. Up to late February 2024, the company had settled wildfire claims totalling $735m with several hundred individuals and 10 timber companies. Despite being found liable for its
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- 9/27/24 - Form 8-K
- 8/14/24 - Form POSASR
- PPWLO's page on the SEC website