Hawaiian Electrical, others comply with $4 billion Maui wildfire settlement By Reuters

(Reuters) – Hawaiian Electrical Industries (NYSE:) is among the many defendants who’ve agreed to pay $4 billion to settle lawsuits over the lethal Maui wildfires, the corporate mentioned on Friday.

The utility working on the island and its mother or father, Hawaiian Electrical, are answerable for $1.99 billion of the quantity earlier than tax, which incorporates $75 million beforehand contributed to the One Ohana Initiative.

Settlement funds will start after judicial approval and are anticipated to be created from mid-2025, Hawaiian Electrical mentioned in an announcement.

Hawaiian Electrical and defendants together with county officers confronted lawsuits over the blazes that tore via Maui final yr, killing a minimum of 100 individuals, destroying 1000’s of properties and inflicting harm estimated at $5 billion.

The lawsuits claimed the utility didn’t shut off energy strains regardless of warnings that top winds would possibly blow them down and spark wildfires.