Xcel reaches $640M settlement for Marshall Fire

The latest: Attorneys announced the settlement in Boulder District Court on Wednesday, per the Denver Post.

• The case had been scheduled to go to trial this month, with jury selection set to begin Thursday.
• Xcel Energy also posted a press release addressing the settlement, saying that despite the settlement, the company "does not admit any fault, wrongdoing or negligence in connection with this resolution."

Flashback: The Marshall Fire started near Colo. 93 in southern Boulder County on Dec. 30, 2021, and strong winds helped the blaze burn nearly 6,000 acres, destroyed more than 1,000 homes and leaving two people dead.

• An investigation by the Boulder County Sheriff's Office concluded there were two sources for the fire: an old trash fire at the compound of Twelve Tribes, a Christian sect, and an arcing Xcel Energy powerline.
• No criminal charges were filed, but a group of homeowners filed a civil suit against Xcel.

What they're saying: "We have always been open to a resolution that properly accounts for the strong defenses we have to these claims," said Bob Frenzel, chairman, president and CEO of Xcel Energy in a statement. "We recognize that the fire and its aftermath have been difficult and painful for many, and we hope that our and the telecom defendants' contributions in today's settlement can bring some closure for the community."

Editor's note: This is a breaking story. Check back for more details.