State panel urges lawmakers to push back against profiteers in Eaton fire

State officials overseeing California’s wildfire fund urged the Legislature on Thursday to regulate hedge fund investors who buy insurance claims as a way to make money from catastrophic fires.

Administrators of the $21 billion fund are concerned that those investing in subrogation claims would pull “California money out of California” and have an outsized impact on the fund if Southern California Edison is found liable for the Eaton fire.

Officials from the California Earthquake Authority...