The Hawaiian Electric Public Services Company welcomed Hawaii’s Supreme Court on Tuesday to end the agreement of more than $ 4 billion related to the forest fires of Maui 2023 that said it was favorable for the company.

The Superior Court of the State had ruled against insurance companies one day before and decided that once the agreement becomes final, insurers cannot sue the parties blamed by forest fires separately.

Related: What is linking a $ 4B agreement for Hawaii forest fire victims?

“The decision helps to advance the agreement … while providing more clarity for the path of our company towards restoring our financial stability,” said Hawaiian Electric Scott Seu CEO.

In August 2023, forest fires in Maui caused destruction in the historic coastal city of Lahaina, killing more than 100 people.

Related: Hawaii forest fire victims were spared to testify after an agreement on $ 4B of liquidation

The company had agreed to pay approximately half of the agreement last year to compensate for victims of mortal forest fires.

The demands filed in the name of thousands of home and business owners affirmed that the company did not close the electricity lines despite the warnings that strong winds could tear them down and trigger forest fires.

“We see the court order as a victory for Hawaiian Electric, but the legislation that provides visibility on how future forest fires will be needed before the actions can move significantly higher,” Jefferies analysts said.

(Menon report in Bangalore; Shaileh Kuber edition)

Topics Catastrophe natural disasters forest fires