Hawaiian Electric up 7% after state Supreme Court rules on settlement

Shares of Hawaiian Electric (HE) are up 66c, or 7% to $10.00 after the state’s Supreme Court ruled on three questions regarding the settlement agreed to with victims of the Maui wildfires. Previously, a judge approved a settlement with Hawaiian Electric and six other defendants to resolve lawsuits from hundreds of victims of the wildfires in 2023. “Under the circumstances of this mass tort case, we decline to apply the made whole doctrine to the statutory lien-claim process. Because the statutory lien under HRS Section 663-10 is the exclusive remedy for a property and casualty insurer in the context of a tort settlement, Question 2 is answered in the negative,” the Hawaiian Supreme Court said in a court filing.