Judge approves $47.75m Maui fire settlement, cuts $4.78m in legal fees

A federal judge has sanctioned a settlement of $47.75 million in a securities lawsuit involving Hawaiian Electric Industries. This case focused on accusations of misleading wildfire preparedness disclosures. The judge notably slashed the legal fees demanded by the investors' attorneys. From over 67,000 claims submitted, only more than 24,000 were approved, highlighting a substantial rejection rate. Payments to eligible claimants will proceed according to a loss-based distribution strategy.