Newsom Blames Outside Groups for Wildfire Liability Setback
California Gov. Gavin Newsom blamed outside groups—big insurers, hedge funds and trial attorneys—for blocking a major wildfire-liability overhaul as stock prices for PG&E and Southern California Edison fell on the news. A narrowed deal was reached that included curbing hedge-fund profits, limiting executive bonuses after fires, and speeding aid to survivors, but it omitted the most ambitious provisions like insurers’ ability to recoup losses from utilities and cities’ recovery of replacement costs. Newsom called it a “last at bat” and warned the issue will continue into the next administration, with Democrats and the state eyeing ongoing wildfire-cost reforms.
