No. of Recommendations: 23
From Seeking Alpha:
“The Oregon Court of Appeals ruled Wednesday in favor of Berkshire Hathaway's (BRK.B) (BRK.A) PacifiCorp utility over a series of Oregon wildfires in 2020, saying a trial judge erred in letting litigation against the company proceed as a class action that has exposed it to billions of dollars in potential losses, Reuters reported.
A three-judge panel returned the case to the Multnomah County Circuit Court after saying the trial judge in a 2023 jury verdict made an error with an instruction to the jury that was "prejudicial to PacifiCorp."
Jurors found the company grossly negligent for igniting the 2020 fires that destroyed thousands of properties after failing to shut off electricity in its service areas ahead of dangerously dry and windy weather.
A lawyer for the plaintiffs called the decision a "procedural setback" that did not address the merits of his clients' negligence claims; PacifiCorp said it is "sensitive to the profound losses" suffered by fire victims, and remained open to resolving reasonable claims.
"There are no winners in wildfire, however the court's decision supports our longstanding belief that this process was prejudicial and not appropriate for managing wildfire litigation," the company said.
The decision could reduce PacifiCorp's liability from wildfires; Berkshire (BRK.B) (BRK.A) has estimated the cost could reach tens of billions of dollars, including $1.1B awarded in a series of trials that have already been completed.”
