HEI and Hawaiian Electric agree to $1.99B settlement for Maui wildfire tort claims

HAWAIIAN ELECTRIC INDUSTRIES INC

HEI and Hawaiian Electric will contribute $1.99 billion total to settle tort claims from the 2023 Maui wildfires, including $75 million already provided for the One 'Ohana Initiative.
Payment is structured as four equal annual installments of $478.75 million, with the first installment expected no earlier than the fourth quarter of 2025.
HEI has transferred $478.75 million to a restricted subsidiary designated for the initial payment.
The settlement is subject to court approval, resolution of insurer subrogation claims, and state legislation appropriating funds.
The agreements resolve all tort claims related to the Maui wildfires without admission of liability, excluding securities and derivative actions.

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