Hawaiian Electric agrees to pay about half of $4 billion Maui wildfire settlement

Hawaiian's largest utility said on Friday it had agreed to pay roughly
half of a more than $4 billion legal settlement that will compensate
victims of last year's deadly Maui wildfires.

Blazes tore through Maui on Aug. 8 2023, killing over 100 people,
destroying the historic coastal town of Lahaina and causing damage
estimated at $5 billion.

The lawsuits brought on behalf of thousands of home and business
owners claimed that Hawaiian Electric failed to shut off power lines
despite warnings that high winds might blow them down and spark
wildfires.

https://www.reuters.com/world/us/hawaiian-electric-others-agree-4-bln-maui-wildfire-settlement-2024-08-03/

Where is this money going to come from...not the shareholders'
pockets.



Hawaiian Electric Industries, Inc. is a holding company with its
subsidiaries principally engaged in electric utility, banking, and non-regulated renewable/sustainable infrastructure businesses
operating in the State of Hawaii. The Company?s segments include
Electric utility, Bank, and Other. The Electric Utility segment
provides essential electric service to Hawaii?s population through the operation of five separate grids that serve communities on the islands
of Oahu, Hawaii, Maui, Lanai and Molokai. The Bank segment provides a
range of banking and other financial services to Hawaii consumers and businesses. The Bank segment is also engaged in lending activities,
which include origination, purchase and sale of loans, residential
mortgage lending, construction and development lending, multifamily
residential and commercial real estate lending. The Other segment
comprises Pacific Current, which invests in non-regulated clean energy
and sustainable infrastructure in the State of Hawaii.

https://www.reuters.com/markets/companies/HE.N

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