"I've spoken with wildfire survivors who would rather lose their homes to flames than endure the stress and confusion of navigating smoke damage claims," said Insurance Commissioner Ricardo Lara in a statement. "This is unacceptable."
Perelman argues that his paintings, exposed to a fire's sprinkler systems and smoke, have suffered an intangible loss of value, described as their 'oomph'.
The lawyers argue that evidence from the Hurst fire directly correlates to the ignition mechanism of the Saddleridge fire, indicating potential equipment failure at Edison.
Berkshire Hathaway reported a significant profit drop due to investment value changes and insurance losses, while Buffett announces his retirement, handing over reins to Greg Abel.