Edison International, unit face lawsuits over LA wildfires

Investing.com-- Edison International's (NYSE:EIX) California unit was slapped with a slew of lawsuits blaming the firm for igniting one of the state’s worst wildfires, which devastated the Los Angeles county over the past week. 

A group of homeowners, business owners and others facing property damage filed several suits against Edison in the Los Angeles Superior Court on Monday, alleging that Southern California Edison power lines had triggered the blaze due to a lack of maintenance. 

Authorities are still investigating the cause of the blaze, which came amid low humidity, a lack of rain and dry weather conditions across California. 

Edison CEO Pedro Pizarro said in a Bloomberg interview that the firm had not yet been served with any lawsuits, and had not detected any issues with its transmission lines near the start of the blaze. 

The LA fires have killed at least two dozen people since last week, with another two dozen being reported as missing. The fires destroyed countless homes and private property.

The consumer lawsuits represent another major headwind for Edison, whose shares slumped 28% so far in January amid speculation that the company’s infrastructure caused some of the wildfires.