🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Buffett's PacifiCorp suspected of collusion by wildfire victims' law firms

Published 07/19/2024, 12:26 PM
Updated 07/19/2024, 02:35 PM
© Reuters. FILE PHOTO: A ponderosa pine tree is cut down after having burnt in the Brattain Fire, at Fremont National Forest, near Paisley, Oregon, U.S., September 19, 2020. REUTERS/Adrees Latif/File photo
BRKa
-

By Jonathan Stempel

(Reuters) -The law firms leading class-action litigation against PacifiCorp over the 2020 Labor Day weekend wildfires in Oregon want to examine whether the utility owned by Warren Buffett's Berkshire Hathaway (NYSE:BRKa) is colluding with three other law firms to reach lowball settlements with fire victims.

PacifiCorp and the three firms denied any collusion on Friday, with the utility calling such claims "false, preposterous and desperate."

The dispute may complicate PacifiCorp's efforts to settle claims from wildfires that burned several hundred thousand acres in Oregon and northern California.

Fire victims have blamed the Portland, Oregon-based utility for failing to shut off power lines during a windstorm.

In a court filing dated Thursday, Edelson PC, Keller Rohrbach and Stoll Berne said they were blindsided when PacifiCorp and the three other firms jointly announced a $178 million settlement on June 3 with 403 victims of the Beachie Creek and Echo Mountain Complex fires.

The class-action firms said payouts per victim were barely two-thirds of the payouts in an earlier $299-million settlement obtained by different law firms for victims of the Archie Creek fire, and included almost nothing for pain and mental suffering.

They also said the June 3 settlement came just one week after mediation to resolve the class action broke down, as the three law firms began cold-calling and mailbox-stuffing to encourage fire victims to hire them and settle.

"(The three firms) appear to be working hand-in-hand with PacifiCorp to enrich themselves, benefit PacifiCorp, and harm fire survivors" by settling claims at a "PacifiCorp-approved, bargain-basement price point," the class-action firms said.

In its statement, PacifiCorp said the class-action firms appeared to be trying to persuade their clients to hold out for more money and to collect higher legal fees for themselves.

"That hundreds of plaintiffs have chosen to settle with PacifiCorp and disagree with class counsel's tactics is not evidence of collusion," the utility said.

In their statement, the three law firms - Warren Allen, Spreter Petiprin and the Swigart Law Group - called claims in Thursday's filing "simply untrue."

They said the $178-million settlement offers "meaningful" sums to help Oregonians start rebuilding, while claims in the class action could be tied up for years.

PacifiCorp has paid more than $1 billion to settle nearly 2,000 wildfire claims, but faces billions of dollars of additional claims, including a $30-billion lawsuit.

The class-action firms want the Portland judge overseeing their case to let them review communications between PacifiCorp, the three other firms and class members for possible collusion, and allow victims who settled to back out if collusion were found.

PacifiCorp is a unit of Berkshire Hathaway Energy, which is 92% owned by Berkshire Hathaway, the conglomerate that Buffett has run since 1965.

© Reuters. FILE PHOTO: A ponderosa pine tree is cut down after having burnt in the Brattain Fire, at Fremont National Forest, near Paisley, Oregon, U.S., September 19, 2020. REUTERS/Adrees Latif/File photo

Greg Abel, Buffett's expected successor as chief executive, said at Berkshire's annual meeting on May 4 that PacifiCorp will continue challenging "unfounded" wildfire litigation.

The case is James et al v. PacifiCorp et al, Oregon Circuit Court, Multnomah County, No. 20CV33885.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.