SoCal Edison Agrees to Staggering $82.5 Million Settlement Connected to Bobcat Fire
The U.S. sued SoCal Edison in September 2023 on behalf of the Forest Service to recover costs incurred fighting the Bobcat Fire and for the extensive damages that it caused to the Angeles National Forest. The government says the Bobcat Fire ignited when trees that were not properly maintained by SCE, when its tree maintenance contractor came into contact with power lines, it started a massive wildfire that destroyed public lands and led to years-long closures of "more than 100 miles of trails and numerous campgrounds," the government says. "It also had a detrimental impact on habitats and wildlife, including to the federally endangered wildlife-mountain yellow-legged frog, federally threatened fish and birds, and irreplaceable cultural and heritage resources."SCE agreed to pay the $82.5 million settlement within 60 days of the effective date of the settlement agreement, which was May 14, without admitting wrongdoing or fault.'We are grateful to receive these settlement funds, which mark an important step toward recovery and restoration,' said Deputy Forest Supervisor Tony Martinez of the Angeles National Forest. 'These resources will help us rehabilitate burned areas, restore wildlife habitats, and strengthen our forests' resilience to future wildfires.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
10 minutes ago
- Yahoo
Why consumer stocks are falling out of favor on Wall Street
Consumer-facing stocks are losing favor as investors grow cautious about lower-income spending. Yahoo Finance Senior Reporter Allie Canal joins Market Domination Overtime with Josh Lipton to discuss how earnings are showing a split between lower- and higher-income consumer trends. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. Consumer facing stocks are falling out of favor with US investors. Senior reporter Allie Canal joins us now with the Yahoo Finance Investor playbook. Allie. Hi, Josh. Yeah, Wall Street seems to be growing a bit more cautious on the consumer, especially lower income Americans, and that bifurcation, it's showing up in this week's earnings. So earlier this week we saw Chipotle shares fall double digits after the company cut its full year outlook. Hilton dropped on weak US room revenue. Hasbro flagged ongoing pricing sensitivities, and even American Airlines and Southwest, both those airliners warning on soft domestic travel. Now, excluding the airlines, many of these names fall under the consumer discretionary sector. And despite the S&P 500 trading at record highs, up around 10% on the year, consumer discretionary is barely positive. That actually makes this sector one of the worst performers in 2025. And then on the flip side, you have companies catering to wealthier households, like J.P. Morgan and Amex. They're holding up much better in this environment, and to that point, we've seen sectors like financials, industrials, communication services, technology, those sectors continue to outperform. We heard from Bank of America, which said that their survey data showed that industrials and financials, that actually drew the largest inflows last week, underscoring some of that investor appetite when it comes to these cyclical names with strong earnings momentum. And then what was the biggest outflow? That was consumer discretionary. So we're seeing this trade play out in real time. We talked to a few strategists about this bifurcation. Here's a little bit more of what they told us. I still think that we have a bit of a K-shaped economy. Uh maybe that's another similarity, like the meme stocks being all the rage again to what was happening in 2020, 2021, where you had this bifurcation. I think that we're having we have a bifurcated, uh, economy right now. Haves and have nots, both at the consumer level and at the stock level. The divergence between higher income and middle income and higher and lower income consumers is significant. That is what we're seeing in a very, very nuanced consumer market. This is a hyperpromotional environment to get people, especially lower income and lower middle income consumers to spend money, you have to be out promoting, you have to be out with deals. Yeah, so it's really interesting to see how this is playing out this earnings season, and the takeaway here is really that caution is rising around those lower income spenders, and until there's a bit more clarity on household demand, we may continue to see investors rotate into some of these higher income plays, at least for now, Josh.
Yahoo
10 minutes ago
- Yahoo
Market complacency is 'through the roof': Portfolio manager
The S&P 500 (^GSPC) notched its fifth straight record close this week. But The Free Markets ETF (FMKT) co-portfolio manager, Michael Gayed, who is also publisher of The Lead-Lag Report, is warning that market complacency is rising. He breaks down some of the signs he's seeing in the video above. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. So, I think the complacency is through the roof. I think if you look at call option volume, you can clearly see that when you look seasonality, you're pretty much at the point in the calendar where historically the VIX bottoms and you tend to see volatility pick up into September. Um so it's interesting to see that we're in this sort of low volatility in quotes melt up, but small caps, yeah, they're up 1%, but they're not at the prior highs and things are still I think from divergence perspective worth noting. Um there are going to be selective winners, but I do think you're probably in for a risk on, risk off type of sequence. Maybe I'm biased in saying that because I have three funds that try to play off of that, but but the seasonality does seem to favor that. That's a short-term dynamic. The free market ETF, which is focused on the regulatory plays, that's a longer-term dynamic and I think that's a much underappreciated aspect of what's to come. So, are you, would you be looking for in the near term, Mike, would you be looking for a pullback? Most likely, yeah. And do you think investors step in and buy that pullback? That's been the Pavlovian response. It's like, buy the dip, buy the dip. It is, it is remarkable to me how with conviction retail comes in and when I say conviction, I'm talking about leverage ETFs, call option volume buying that you see activity that you're seeing. So, there is, um everyone is trained to do the same thing. Now at some point that's going to fail, right? It's like at some point the dip becomes not a dip, but something much more systemic. I don't know when that is. I've been wrong in trying to think the next one would be the one, right? But, um regardless look, we know markets tend to go up over time. It's just about what time frame you want to play. Related Videos Mortgage rates steady, Trump says no capital gains on home sales Trump's rare Federal Reserve visit raises 2 questions Keurig Dr Pepper CEO on Q2 beat, coffee sales, cane sugar German Exporters Can Live With 15% Tariff, Ifo Says Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
10 minutes ago
- Yahoo
Fannie Mae Announces Scheduled Release of Second Quarter 2025 Financial Results
Company to Host Webcast WASHINGTON, July 25, 2025 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) plans to report its second quarter 2025 financial results on Wednesday morning, July 30, 2025, before the opening of U.S. financial markets. Fannie Mae has scheduled a webcast to discuss the company's results at 8:00 a.m., ET, on July 30, 2025. Prior to the webcast, the company's second quarter 2025 earnings news release, quarterly report on Form 10-Q, earnings presentation to accompany the webcast, and other supplemental information will be available on the company's Quarterly and Annual Results webpage at Following the webcast, a transcript will be published to the same webpage. WEBCAST PARTICIPATION DETAILS – Fannie Mae Second Quarter 2025 Financial Results Event day and timeWednesday, July 30, 20258:00 AM (ET) Webcast link: Click on the link above to attend the presentation from your laptop, tablet, or mobile device. The webcast will stream through your selected device. If you have difficulty accessing the webcast, please click the "Listen by Phone" button on the webcast player and dial the number provided. Follow Fannie Fannie Mae Newsroomhttps:// Photo of Fannie Maehttps:// Fannie Mae Resource Center1-800-2FANNIE View original content to download multimedia: SOURCE Fannie Mae Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
