A federal judge approved a $100 million settlement against Hawaiian Electric for allegedly failing to prepare for wildfire risks before the August 2023 Lahaina fire. The funds will help the company address ongoing wildfire-related obligations and legal costs.
- Hawaiian Electric’s insurers will pay $100 million to the company following shareholder claims that executives failed to prepare for known wildfire risks.
- Shareholders alleged company leaders knew about fire dangers on August 8, 2023 but didn’t shut off power lines before the deadly Lahaina wildfire.
- The settlement is the largest shareholder derivative cash recovery in Hawaii history and will help fund the company’s wildfire-related obligations.
- Most settlement funds remain available for Hawaiian Electric’s exclusive benefit as it continues addressing legal and financial consequences from the fire.
Source: Topclassactions
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