Statement of Hawaiian Electric Industries (HE) on Hawaii Supreme Court Decision Relating to Insurance Subrogation Claims in Maui Wildfire Tort Litigation

Hawaiian Electric Industries (NYSE: HE) announced:

On February 10, 2025 the Hawaii Supreme Court issued a decision regarding the Reserved Questions posed to them by the Second Circuit Court on Maui (case no. 2CSP-23-0000057). The Hawaii Supreme Court’s decision provides clarity regarding the rights of insurers filing subrogation claims in the Maui wildfire tort litigation. The decision clarifies that, once the settlement becomes final, insurers seeking to recover amounts paid to settling plaintiffs cannot separately sue defendants, including for amounts beyond the settlement agreed to by the plaintiffs and defendants.

HEI views the Hawaii Supreme Court’s decision as favorable. The Court’s decision aligns with the Company’s and plaintiffs’ positions on key questions that arose from insurers’ challenges to the settlement agreements reached in the Maui wildfire tort litigation.

“We are pleased that today’s decision aligns with our arguments and was issued on an accelerated timeline. The decision helps move the settlement forward, bringing increased certainty to those who suffered loss in the Maui wildfires, while providing more clarity for our company’s path toward reestablishing our financial stability,” said Scott Seu, HEI president and CEO. “The resolution of the reserved questions reinforces the durability of the global settlement, and will help us fulfill our commitment to thousands of individuals and our community as the collaborative work to rebuild continues,” said Seu.

The Hawaii Supreme Court’s decision on the reserved questions was a key step in finalizing the settlement agreements reached in the Maui wildfire tort litigation, and the Second Circuit Court on Maui can now consider the settlement agreements for final judicial approval. The Hawaii Supreme Court is expected to issue a written opinion providing further detail on its decision in the coming weeks.

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