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Southern California Edison Faces Four Lawsuits Over Eaton Fire, Which Destroyed 1,400 Homes and Killed 11; Stock Down 30%

Jan 13, 2025, 08:57 PM

Southern California Edison, a subsidiary of Edison International, faces multiple lawsuits alleging that its equipment sparked the Eaton Fire, which has devastated the Los Angeles area. At least four lawsuits were filed by homeowners and renters who lost their properties in the fire, claiming that sparks from high-voltage transmission lines ignited vegetation, leading to the blaze. The lawsuits accuse the utility of negligence for failing to de-energize power lines during high winds, despite a red flag warning from the National Weather Service. The Eaton Fire has reportedly destroyed over 1,400 homes and resulted in at least 11 fatalities. As investigations continue, Edison International's stock has fallen significantly, losing approximately 30% of its value since the fires began, equating to a market cap decline of about $10 billion. The company has stated that it did not detect any electrical issues on transmission lines near the fire's origin, but it is cooperating with ongoing investigations.