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Will Hawaiian Electric's stock price recover to pre-settlement levels by the end of 2024?
3
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Yes • 50%
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Hawaii Reaches $4 Billion Settlement Over August 8 Maui Wildfires, Over 100 Dead
Aug 3, 2024, 03:07 AM
A historic $4 billion settlement has been reached to resolve lawsuits stemming from the devastating August 8, 2023, Maui wildfires. The settlement, announced by Hawaii Governor Josh Green, will compensate homeowners, businesses, and other plaintiffs affected by the fires, which killed over 100 people, displaced thousands, and destroyed the historic downtown area of Lahaina. The defendants in the lawsuits include the state of Hawaii, Maui County, Hawaiian Electric, Kamehameha Schools, West Maui Land Co., Hawaiian Telcom, and Spectrum/Charter Communications. Hawaiian Electric will pay nearly $2 billion of the total settlement. The agreement, which is subject to court approval, will benefit approximately 2,200 affected parties who filed lawsuits. The settlement comes nearly one year after the deadliest U.S. wildfire in more than a century.
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