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5h ago

Xcel Energy to Pay About $640 Million in Marshall Fire Settlements

Reached days before jury selection, the deal resolves consolidated claims from thousands of victims without an admission of fault.

Homes are engulfed in flames on December 30, 2021 in Louisville, Colorado. Fierce winds have whipped wildfires in Boulder County, The towns of Superior and Louisville have been evacuated. Multiple homes and businesses have burned so far from the fast moving fire stocked by fierce winds, with gusts topping 100 mph, along the foothills.(Photo by Helen H. Richardson/The Denver Post
FILE - A fire burns in a home destroyed by the Marshall Wildfire in Louisville, Colo., Dec. 31, 2021. (AP Photo/Jack Dempsey, File)
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Overview

  • Xcel said roughly $350 million of the payout will come from remaining insurance coverage and the agreement is subject to final documentation.
  • The resolution includes co-defendants Qwest Corporation and Teleport Communications America and halts the imminent Boulder County civil trial.
  • Plaintiffs number more than 4,000, including nearly 200 insurers and public entities, with terms confidential and some individuals not yet opted into any agreement according to attorneys.
  • Investigators concluded the 2021 disaster began with two ignitions: a reignited debris burn on Twelve Tribes property and a separate fire likely tied to arcing power lines near Marshall Mesa, with no criminal charges filed.
  • The Marshall Fire burned about 6,000 acres, destroyed over 1,000 structures and killed two people, intensifying scrutiny of utility wildfire risk and insurance coverage.