Sierra Pacific Settles For Record $122.5M In Wildfire Case

By Juan Carlos Rodriguez (July 17, 2012, 5:07 PM EDT) -- Sierra Pacific Industries Inc. reached a $122.5 million settlement Tuesday with the federal government over its role in the massive 2007 Moonlight Fire in northern California — the largest recovery ever received by the U.S. for forest fire damages.

The U.S. Attorney's Office for the Eastern District of California said the settlement amount is to be paid as $55 million in cash and a conveyance of 22,500 acres of land in California owned by Sierra Pacific. The U.S. Forest Service will choose the land from large selections offered by Sierra Pacific.

The acreage currently has an estimated value of at least...

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