Press releases from Hawaiian Electric or insurance companies involved

Hawaiian Electric Settles Maui Wildfires Litigation for $1.99B in Four Annual Installments, Payments to Start Q4 2025

Nov 5, 2024, 07:57 PM

Hawaiian Electric Industries, Inc. has finalized a $1.99 billion settlement to resolve litigation related to the 2023 Maui wildfires. The settlement agreements, which exclude securities and derivative actions, were entered into on November 1, 2024, and payments are set to begin in the fourth quarter of 2025. The total amount will be paid in four annual installments of $478.75 million, contingent upon court approval and resolution of insurer claims. Following the announcement, trading of Hawaiian Electric shares was temporarily halted but has since resumed.