Xcel Energy has agreed to settle claims in a lawsuit over the Marshall Fire, the company announced the day before a trial was set to begin.
The agreement was reached on Tuesday to settle all the claims brought by more than 4,000 homeowners, businesses and insurers. The other defendants in the case – Teleport Communications and CenturyLink – are also part of the settlement.
The terms are not public, but Xcel said it agreed to pay about $640 million.
The plaintiffs alleged that power lines played a role in one of two ignitions on Dec. 30, 2021, which would have opened the door for financial liability.
More than 1,000 homes and entire neighborhoods in Superior, Louisville and unincorporated Boulder County were burned to the ground in the blaze. Insurance claims topped $2 billion dollars.
Xcel said it’s not admitting any fault or wrongdoing in the settlement. It maintains that its equipment did not cause or contribute to the Marshall Fire.
Jury selection was set to begin Thursday in the trial, which was scheduled through mid-November.
