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Hawaiian Electric Industries and subsidiary Hawaiian Electric Company have reached a proposed $100 million derivative settlement, funded entirely by their insurers, to resolve multiple shareholder derivative suits tied to the August 2023 Maui wildfires. The payment will go to the company in exchange for a full release of claims against current and former directors and officers, with no admission of liability.
Board approval has been obtained, and federal and state court approval is still required. Plaintiffs’ counsel plan to seek attorneys’ fees equal to 25% of the $100 million plus up to $475,000 in expenses. About $47.75 million of the $100 million is expected to help fund an already preliminarily approved securities class action settlement in California.
The filing notes that hundreds of tort lawsuits from the Lahaina fires were recently resolved through a $4 billion global settlement, with Hawaiian Electric reportedly responsible for approximately $1.99 billion. The derivative settlement would close an additional front of litigation, clarifying the role of insurance in covering part of the legal fallout.
Hawaiian Electric Industries files its annual report detailing a business now dominated by regulated electric utilities after selling its American Savings Bank in 2024 and most Pacific Current assets in 2025. Utilities generated about $3.02 billion of electric revenue in 2025, slightly below 2024’s $3.16 billion.
The report emphasizes ongoing financial and operational risks from the Maui windstorm and wildfires, including potential liabilities, higher insurance costs, credit downgrades and the need to raise capital that could dilute shareholders or, if unsuccessful, threaten debt repayment. The company is divesting non‑utility affiliates so the utilities become its sole operating businesses while continuing to pursue Hawaii’s clean energy goals, with renewables reaching a 36.8% portfolio standard in 2025.
Hawaiian Electric Industries reported full-year 2025 net income for common shareholders of $123 million, or $0.71 per share, a sharp turnaround from a net loss of $1.43 billion, or $11.23 per share, in 2024 driven largely by prior wildfire liability accruals.
The electric utility segment earned $168 million in 2025 versus a large loss in 2024, while holding-company net losses narrowed to $45 million from $96 million, helped by lower wildfire and strategic-review expenses. On a non-GAAP Core basis, results exclude Maui wildfire and Pacific Current strategic-review costs.
Regulators approved the utility’s enhanced wildfire safety strategy and completed a wildfire fund study, and a wildfire tort litigation settlement is described as nearing final court approval. The utility achieved a 37% renewable portfolio standard in 2025, kept a typical residential bill stable, and is providing $1 million in customer payment assistance.
Hawaiian Electric Company, Inc. elected to redeem its Series H 5.25% Cumulative Preferred Stock at a cash price of $21.2625 per share on October 15, 2025.
In this Schedule 13D/A (Amendment No. 1), Kevin Barnes reports 0 shares beneficially owned, representing 0% of the class, with no voting or dispositive power.
As context, the class had 250,000 preferred shares outstanding as of June 30, 2025, as disclosed in the issuer’s Form 10-Q filed on August 7, 2025.