Hawaiian Electric reaches $47.75 million shareholder settlement over Maui wildfires

Reuters01-06

Hawaiian Electric reaches $47.75 million shareholder settlement over Maui wildfires

Jan 5 (Reuters) - Hawaiian Electric Industries HE.N reached a $47.75 million settlement with shareholders who accused the utility operator of misleading them about its wildfire prevention and safety protocols before the 2023 wildfires in Hawaii.

A preliminary settlement was filed on Monday with the U.S. District Court in San Francisco, and requires a judge's approval.

Shareholders said Hawaiian Electric falsely claimed it was taking appropriate action to reduce the risk that its utility poles could trigger wildfires, especially in western Maui where the spread of dry grass effectively created "highly flammable haystacks all around a populated area."

Hawaiian Electric denied wrongdoing in agreeing to settle, court papers show. It set aside money for the settlement in last year's third quarter, and said it expected insurers would provide funding, a regulatory filing shows. Hawaiian Electric did not immediately respond to a request for comment.

Wind-driven wildfires broke out in August 2023 in Hawaii, primarily on the island of Maui, and destroyed much of the historic resort town of Lahaina. More than 100 people died.

Honolulu-based Hawaiian Electric agreed in August 2024 to contribute $1.99 billion toward an approximately $4 billion settlement to compensate fire victims. That accord awaits final court approval.

(Reporting by Jonathan Stempel in New York; Editing by Jamie Freed)

((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))

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