Shareholder Suit: $47M settlement with Hawaiian Electric approved

from Court House News, March 4, 2026

SAN FRANCISCO — A federal court in California preliminarily approved a $47 million settlement with Hawaiian Electric Industries, which was sued by investors who say it misrepresented steps the utility was taking to mitigate wildfire risks.

A final fairness hearing is set for August.

Read the ruling here.

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June, 2024: Personal fortunes of HECO board members at risk in some wildfire lawsuits

HNN: … lawsuits being brought by HEI shareholders say they should personally pay millions in damages to the company.

Hawaiian Electric companies face hundreds of lawsuits over the Maui fires, demanding potentially billions in damages. But the shareholder lawsuits are different because they go after HECO executives and even board members, demanding they pay millions in damages.

San Diego attorney Darren Robbins is leading two of the cases and says board membership on a large public utility is not just an honorary position. “If you’re going to be elevated and accept a prestigious position like this, there are responsibilities that go with it,” he said.

… The directors of Hawaiian Electric Industries are a who’s who of local business and community leaders like retired Adm. Thomas Fargo, former state DLNR Director and insurance executive Tim Johns and Micah Kane, CEO of the Hawaii Community Foundation. If successful, the shareholder lawsuits would force the company leaders to pay damages to HECO, essentially contributing personally to the money that might be paid to fire victims through the victim lawsuits….

read … Personal fortunes of HECO board members at risk in wildfire lawsuits

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Law.com: Settlement in Hawaii Wildfire Securities Case Gains Initial Approval | Law.com--“The case is linked to the drop in HEI's share price following wildfires that killed more than 100 people and caused extensive damage, primarily in Lahaina, on the island of Maui.”