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(Reuters) -Hawaiian's largest utility said on Friday it had agreed to pay roughly half of a more than $4 billion legal settlement that will compensate victims of last year's deadly Maui wildfires.
The lawsuit accuses Hawaii's electric operator on the island of Maui of having inadequate protocols that raised the risk of wildfires.
Shares of Hawaiian Electric Co.'s parent fell more than 18% by market close Friday, one day after the utility was sued by Maui County over the fires that devastated Lahaina earlier this month.
The insurers filed their own lawsuit solely against Hawaiian Electric in 1st Circuit Court on Oahu seeking recovery of insurance payments for Maui wildfire claims. The companies are not direct ...
Hawaiian Electric’s stock tumbled to a 13-year low Monday morning, plummeting nearly 40% after a class action lawsuit filed over the weekend alleged that Maui’s devastating wildfires were ...
HECO power plant at Kahe Point in West Oahu. Hawaiian Electric Industries, Inc. (HEI) is the largest supplier of electricity in the U.S. state of Hawaii, supplying power to 95% of Hawaii's population through its electric utilities: Hawaiian Electric Company serving Oahu, Hawai'i Electric Light Company serving The Big Island, and Maui Electric Company serving Maui, Lanai and Molakai.
The company, whose utilities provide electricity for 95% of the islands, is accused of bearing responsibility for the deadly Maui fires.
Maui County sued Hawaiian Electric Company on Thursday over the fires that devastated Lahaina, saying the utility negligently failed to shut off power despite exceptionally high winds and dry ...