(Reuters) – Hawaiian Electrical Industries Co (NYSE: ) mentioned on Friday it was one of many defendants that agreed to pay $4 billion to settle a lawsuit over lethal wildfires on Maui.
The utility working on the island and its father or mother firm, Hawaiian Electrical, are liable for $1.99 billion in pre-tax costs, together with a earlier $75 million donation to the One Ohana Initiative.
Hawaiian Electrical mentioned in a press release that settlement funds will start topic to judicial approval and are anticipated to start in mid-2025.
Hawaiian Electrical and defendants together with county officers face lawsuits stemming from fires that tore by way of Maui final yr, killing at the least 100 folks, destroying 1000’s of properties and inflicting an estimated $5 billion in harm.
The lawsuits allege that the utility failed to show off energy strains regardless of warnings that prime winds may knock them down and spark wildfires.
