Hawaii Supreme Court approves $4 billion wildfire settlement

The Hawaii Supreme Court has ruled in favor of finalizing a $4 billion settlement related to the catastrophic 2023 Maui wildfires, preventing insurers from suing third parties to recover payouts made to policyholders. This decision is seen as a significant victory for fire survivors, allowing them to move forward with claims from the devastating fires that killed over 100 people and destroyed thousands of properties. Insurers, who have already paid approximately $2.3 billion in claims, expressed concerns that the ruling could hinder their ability to pursue claims against those responsible for the fires. Governor Josh Green remains open to negotiating a compromise that might provide insurers a share of the settlement proceeds while protecting policyholders. The settlement aims to distribute funds to around 17,000 affected individuals and families, with hopes for timely disbursement before the second anniversary of the disaster. Hawaiian Electric, the utility company linked to the fires, welcomed the ruling, viewing it as a step towards financial stability.