Hawaiian Electric falls amid concerns over proposed wildfire settlement

Hawaii Governor Josh Green on Friday expressed concern with to proposed Maui wildfire settlement. “There are some parties on the mainland that are simply asking for too much of the settlement, resources that I insist must go to families who were devastated by the fire “I will personally call them out by name next week if they hurt Hawaii’s people or further delay this agreement,” Green said in a statement. Meanwhile, six Maui wildfire victims sued a group of insurers, including State Farm and Allstate (ALL), accusing them of sabotaging a tentative $4B deal to settle their claims, Jef Feeley of Insurance Journal reports. “This action arises out of the greed of Hawaii’s insurance industry to put their own selfish profits ahead of the suffering of the people of Maui who are the true victims of the Maui fires,” according to the lawsuit, filed by lawyers for homeowners and business owners. The proposed settlement still needs final approval and would resolve lawsuits on behalf of thousands of residents against Hawaiian Electric Industries (HE) and other companies blamed for causing the fires. Shares of Hawaiian Electric are down 18% to $14.44 in morning trading.