Hawaiian Electric, Investors Get Nod for $48 Million Settlement

Hawaiian Electric Industries Inc.‘s nearly $48 million settlement in a securities suit stemming from the deadly 2023 Lahaina wildfire received preliminary approval Tuesday after the parties gave a federal judge additional information that she’d demanded.

Judge Jacqueline Scott Corley of the US District Court for the Northern District of California said several factors weighed in favor of approval, including a 2.8% recovery of $1.72 billion in estimated damages. The investors told her the percentage was more than double the settlement value where losses were in the range of $1 billion to just under $5 billion, according to the order ...