03:49 PM EST, 01/13/2025 (MT Newswires) -- (Updates with comment from SoCalEd.)

Edison International's ( EIX ) southern California utility is facing a lawsuit blaming the company's equipment for igniting a wildfire in Los Angeles, Bloomberg reported Monday.

The legal complaint, filed in Los Angeles Superior Court on behalf of the stakeholders with properties damaged by the Eaton Fire, attributed the blaze in the Altadena community to a Southern California Edison power distribution line pole. The court has yet to process the complaint, the report said.

The suit alleged the utility's lack of maintenance of its electrical infrastructure as a reason for the wildfire.

Edison International ( EIX ) shares were down more than 11% in recent trading.

Gabriela Ornelas, a spokesperson with Southern California Edison, told MT Newswires the company was aware of the suit, but it has yet to be served with the complaint.

"SCE will review the complaint once it's received," she said. "The cause of the fire remains under investigation."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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