Hawaiian Electric agrees to settle claims related to Maui wildfires

“Last week we announced that HEI, Hawaiian Electric and other defendants had entered into an agreement in principle to settle all tort claims related to the Maui wildfires. The settlement would allow all parties to come together on a path forward. Our board and management team are pleased to have reached this agreement in principle on an expedited basis. We are confident that this settlement represents the best outcome for HEI, as it provides a clear line of sight toward resolution of the wildfire-related tort litigation and increased certainty for our company’s path ahead. In the coming months, we will be focused on finalizing the agreement and regaining the strength of our enterprise. Since last August, we have been advancing a strategy designed to support a strong, financially healthy enterprise that will empower a thriving future for Hawaii. Consistent with this approach, HEI has been undertaking a comprehensive review of strategic options for ASB, which is what led us to report a non-cash goodwill impairment for the bank last month. We will continue to take prudent and measured actions to ensure our companies are well positioned to serve our customers and community for the long term,” said CEO Scott Seu.