Limoneira Company Settles Lawsuit with Southern California Edison for $9 Million

Limoneira Company has reached a settlement agreement with Southern California Edison and Edison International to resolve claims related to damages caused by the Thomas Fire and the Koenigstein Fire in 2017. As part of the agreement, the Company will receive a total settlement of $9 million, with approximately 68% of the amount going towards legal and related costs.

Key Takeaways:

• The settlement agreement was reached between Limoneira Company and Southern California Edison and Edison International on April 18, 2023.
• The agreement resolves claims related to damages caused by the Thomas Fire and the Koenigstein Fire, which occurred in December 2017 near the Cities of Ojai and Santa Paula, California.
• The Company alleged that the electric facilities owned and operated by Edison caused or contributed to the ignition of the Fire.
• Under the terms of the settlement agreement, Limoneira Company will receive a total settlement of $9,000,000.
• The Company expects to receive approximately $6,120,000 (68% of the total settlement amount) after deducting legal and related costs.

Statistics:

• Total settlement amount: $9,000,000
• Amount expected to be received by Limoneira Company: $6,120,000
• Percentage of total settlement amount going towards legal and related costs: 32% (100% - 68%)
• Date of settlement agreement: April 18, 2023
• Date of filing of Form 8-K: April 24, 2023

Sources:

• Form 8-K filed by Limoneira Company with the U.S. Securities and Exchange Commission on April 24, 2023
• "Confidential Settlement Agreement and Release" between Limoneira Company, Southern California Edison Company, and Edison International " (as attached to the Form 8-K)