A monumental $4 billion (£3.1 billion) settlement has been disclosed for the compensation claims of over two thousand individuals impacted by last year’s catastrophic wildfires in Maui, as announced by Hawaii’s governor. Josh Green’s office affirmed that a preliminary accord had been tabled to address approximately 450 legal cases.
The August 2023 conflagrations, the deadliest in modern US history, claimed over 100 lives and decimated the historic township of Lahaina. According to a term sheet, a $4.037 billion settlement has been suggested to comprehensively resolve all claims pertaining to the Maui fires.
Governor Green mentioned that the accord, finalized after four months of deliberations, implicates seven defendants in lawsuits instigated post-disaster. These defendants include the State of Hawaii, County of Maui, Hawaiian Electric, Kamehameha Schools, West Maui Land Co, Hawaiian Telcom, and Spectrum/Charter Communications. Hawaiian Electric has pledged nearly $2 billion, representing close to half of the entire settlement.
WILDFIRE VICTIMS :
The myriad legal cases, initiated by individuals, enterprises, and insurance entities in both state and federal jurisdictions, encompass roughly 2,200 plaintiffs. Governor Green emphasized that this remains a preliminary agreement pending judicial and legislative sanction.
ALSO READ : Stock Market Today: Dow closes down 600 points, Nasdaq enters correction after weak jobs
The statement clarified that the agreement hinges on the resolution of previously settled insurance claims for property loss and damages, with no additional payouts from the defendants. Governor Green expressed that the settlement would aid in community healing and highlighted his intent to circumvent prolonged and distressing litigation, thereby expediting the recovery process.
“Concluding such a substantial settlement within a year is extraordinary, and it will benefit our community by not having to endure prolonged waiting periods to reconstruct their lives, unlike others in regions beset by similar calamities,” he remarked. Following final approval by Hawaii’s state legislature, disbursements are anticipated to commence by mid-2025.
