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A Maui judge on Friday ordered a hearing to help settle a dispute that me holding up a more than $4 billion settlement over the deadly wildfires.
Maui Circuit Court Judge Peter Cahill scheduled a status conference for Aug. 13 regarding subrogation claims for a potential settlement. The dispute is between wildfire victims who have sued to get compensation and the insurers who have already paid out some of the claims to policyholders. The main issue of the dispute is who will have priority over settlement proceeds: the victims or insurers.
“Because the subrogation claims are inextricably tied to the just, efficient and economic determination of all the Maui Fire Cases, this Court has the authority to bring together all necessary persons and entities to achieve that result,” Judge Cahill wrote.
The latest update on a potential settlement comes after Bloomberg reported July 18 that the parties had tentatively agreed to pay more than $4 billion to resolve hundreds of lawsuits over last year’s Maui wildfires. News of a potential settlement sent Hawaiian Electric (NYSE:HE) shares skyrocketing 37% that day.
The proposed deal, which still awaits final approval, would settle lawsuits on behalf of thousands of homeowners and businesses against Hawaiian Electric (HE).
