Hawaiian Electrical Industries formalized a $2 billion settlement to settle harm claims from a wildfire that razed the historic city of Lahaina and killed greater than 100 folks.
The utility-owner had reached a tentative settlement in August through which it, together with different defendants together with the state of Hawaii, Maui County and landowners, would pay $4 billion to resolve a whole lot of lawsuits stemming from final yr’s wildfire, in accordance with a submitting Tuesday.
Associated: Maui Hearth Brought on by Damaged Energy Strains, County and US Discover
The settlements don’t resolve claims with insurers which might be a part of separate lawsuits.
A number of circumstances should be met earlier than funds are made by Hawaiian Electrical, together with resolving insurer claims both although an settlement or last court docket order, the submitting mentioned.
Associated: Hawaiian Electrical Pegs Loss at $1.7 Billion From Maui Hearth
Hawaiian Electrical’s inventory was halted pending the information. Shares had been 1.6% increased in after-market buying and selling.
Copyright 2024 Bloomberg.
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