Hawaiian Electric Industries formalized a $2 billion agreement to settle damage claims from a wildfire that razed the historic town of Lahaina and killed more than 100 people.
The utility-owner had reached a tentative agreement in August in which it, along with other defendants including the state of Hawaii, Maui County and landowners, would pay $4 billion to resolve hundreds of lawsuits stemming from last year’s wildfire, according to a filing Tuesday.
Related: Maui Fire Caused by Broken Power Lines, County and US Find
The settlements don’t resolve claims with insurers that are part of separate lawsuits.
Multiple conditions must be met before payments are made by Hawaiian Electric, including resolving insurer claims either though an agreement or final court order, the filing said.
Related: Hawaiian Electric Pegs Loss at $1.7 Billion From Maui Fire
Hawaiian Electric’s stock was halted pending the news. Shares were 1.6% higher in after-market trading.
Copyright 2024 Bloomberg.
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