California utility company accused of starting LA fire in multiple lawsuits
Published On Jan 14, 2025, 1:14 PM
Southern California Edison, a utility company owned by Edison International, is facing multiple lawsuits claiming it started the Eaton Fire, one of the largest wildfires near Los Angeles, which has burned over 14,000 acres and destroyed thousands of structures. Eyewitness accounts and conditions at the time of the fire suggest that the company's transmission equipment might have been responsible. This situation has led to a drop in Edison International's stock price, which is down approximately 27% since the fires began.
Stock Forecasts
EIX
Negative
The ongoing lawsuits against Southern California Edison threaten to increase operational costs and damage its reputation. The potential financial liabilities from these lawsuits could negatively impact the company's share price moving forward, as seen from the current market reaction with a significant drop.
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