What is the latest settlement Hawaiian Electric reached?

Hawaiian Electric reached a preliminary $47.75 million settlement with shareholders who accused the utility of misleading them about wildfire safety.

Why did shareholders sue Hawaiian Electric?

Shareholders sued Hawaiian Electric, alleging the company falsely claimed it was taking adequate action to prevent its equipment from igniting wildfires.

How does the $47.75M settlement relate to fire victim compensation?

The $47.75 million settlement is separate from the August 2024 agreement where Hawaiian Electric committed $1.99 billion to compensate victims of the 2023 wildfires.

Home / Disasters and Accidents / Hawaiian Electric Settles Wildfire Lawsuit for $47.75M

Hawaiian Electric Settles Wildfire Lawsuit for $47.75M

6 Jan

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Summary

Utility operator settles shareholder lawsuit for $47.75 million.
Shareholders alleged misleading statements about wildfire prevention protocols.
This settlement follows a prior $1.99 billion agreement for fire victims.

Hawaiian Electric Settles Wildfire Lawsuit for $47.75M

Hawaiian Electric Industries has agreed to a $47.75 million settlement with shareholders who alleged the company misled them about its wildfire prevention and safety protocols. The preliminary settlement was filed in San Francisco federal court and requires judicial approval.

Shareholders contended that Hawaiian Electric falsely represented its efforts to reduce the risk of its utility poles triggering wildfires, especially in Maui, which faced highly flammable conditions. The utility, while denying any wrongdoing, had already set aside funds for this settlement in the third quarter of last year.

This development comes after Hawaiian Electric agreed in August 2024 to contribute $1.99 billion towards an approximately $4 billion settlement for victims of the devastating 2023 wildfires, primarily on Maui, which claimed over 100 lives and destroyed Lahaina.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.

Hawaiian Electric Settles Wildfire Lawsuit for $47.75M

6 Jan

•

Summary

Utility operator settles shareholder lawsuit for $47.75 million.
Shareholders alleged misleading statements about wildfire prevention protocols.
This settlement follows a prior $1.99 billion agreement for fire victims.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.