Wildfire litigation heats up as Wall Street enters the fray

Banks and hedge funds are backing law firms

Financial services firms such as Jefferies Financial Group and Oppenheimer Holdings are backing law firms pursuing lawsuits tied to this year’s Los Angeles wildfires, suing the Los Angeles Department of Water and Power and Edison International, which faces potential liability exceeding $10 billion related to the Eaton Fire, which resulted in 18 deaths and the destruction of approximately 9,400 structures.