Investors Who Bought Hawaiian Electric HEI Stock During Maui Wildfire Crisis May Now Claim Part of $47.75 Million Settlement

Hawaiian Electric Industries, Inc. (HEI) has agreed to a $47,750,000 settlement to resolve a securities class action lawsuit. Investors alleged that HEI executives made misleading statements about the company’s wildfire safety protocols before the devastating 2023 Maui fires. If you purchased HEI securities between February 28, 2019, and September 4, 2023, you may be entitled to a cash payment. The deadline to submit a claim is June 25, 2026.

 Quick Facts

Field	Detail
Settlement Amount	$47,750,000
Claim Deadline	June 25, 2026
Who Qualifies	HEI stock purchasers (Feb 28, 2019 – Sept 4, 2023)
Payout Per Person	Varies by “Recognized Loss” calculation
Proof Required	Yes (Trade confirmations or brokerage statements)
Settlement Status	Preliminarily Approved
Administrator	Strategic Claims Services
Official Website	HawaiianElectricSecuritiesLitigation.com

Current Status & What Happens Next

• Litigation Stage: The U.S. District Court for the Northern District of California granted preliminary approval on March 3, 2026.
• Final Hearing: The Court will hold a Final Fairness Hearing on August 13, 2026, to decide if the settlement is fair and to approve attorney fees.
• Objection Deadline: If you wish to object to the settlement or the attorney fees, you must file your written objection by May 28, 2026.

What Is the Hawaiian Electric Lawsuit About?

The lawsuit, In re Hawaiian Electric Industries, Inc. Securities Litigation, was filed following the catastrophic wildfires in Lahaina and other parts of Maui in August 2023. Investors claimed that HEI and its top officials misled the public by stating the utility was taking appropriate actions to mitigate wildfire risks. The complaint challenged 25 specific public statements where the company allegedly downplayed the threat posed by its aging infrastructure and inadequate safety protocols.

Discovery Insights: Court documents indicate that plaintiffs’ counsel examined internal HEI communications regarding climate-related risks. These documents suggested that while the company publicly touted its “resilience,” it had delayed critical grid hardening projects. When the fires occurred, HEI’s stock price plummeted, causing significant financial “inflation” to pop and harming shareholders who bought at higher prices.

Bellwether Context: This case is a major “climate-risk” securities bellwether. It follows the trend of lawsuits against utilities like PG&E in California. It demonstrates that shareholders are now holding utility boards personally and financially responsible for failing to adapt infrastructure to extreme weather patterns.

Who Is Eligible to File a Claim?

• You may qualify if you purchased or otherwise acquired Hawaiian Electric Industries, Inc. (HEI) securities on the open market.
• You may qualify if your purchases occurred between February 28, 2019, and September 4, 2023, inclusive.
• You may qualify if you suffered a financial loss when the stock price dropped following the Maui wildfire news and subsequent disclosures.
• Exclusions: You do not qualify if you are a defendant in the case, a director or officer of HEI, or a member of their immediate families.

Related article: $26M Lakeview Loan Servicing Data Breach Settlement: Are You Eligible to Claim?

How Much Can You Receive?

The $47.75 million “Settlement Fund” will be distributed to “Authorized Claimants” after deducting court-approved fees and expenses. Your individual payout depends on:

1. The number of shares you purchased.
2. The timing of your purchases and sales.
3. The total number of valid claims filed (pro-rata distribution).

Attorney Fee Breakdown: Plaintiffs’ Counsel (Pomerantz LLP) intends to ask the court for up to 33% of the settlement fund ($15,666,750) plus reimbursement of litigation expenses up to $500,000. These amounts are paid out of the fund before the net balance is distributed to investors.

How to File a Claim

Step 1 — Visit the official website: HawaiianElectricSecuritiesLitigation.com

Step 2 — Download the “Proof of Claim and Release Form” or file electronically.

Step 3 — Provide your full trade history for HEI stock during the Class Period.

Step 4 — Attach supporting documentation, such as brokerage account statements or trade confirms.

Step 5 — Submit the form online or mail it to the Claims Administrator.

Step 6 — Keep a copy of your submission and your confirmation number.

Estimated time to complete: 15–20 minutes (depending on your number of trades).

Important Deadlines & Dates

Milestone	Date
Class Period	Feb 28, 2019 – Sept 4, 2023
Preliminary Approval	March 3, 2026
Opt-Out / Objection Deadline	May 28, 2026
Claim Filing Deadline	June 25, 2026
Final Approval Hearing	August 13, 2026
Expected Payment Date	TBD (Estimated Q1 2027)

Frequently Asked Questions

Do I need a lawyer to file a claim?

No. You are already represented by “Lead Counsel” (Pomerantz LLP). You can file the claim yourself through the administrator’s website. If you wish to hire your own lawyer at your own expense, you are free to do so.

Is this settlement legitimate?

Yes. This is a court-authorized settlement in the U.S. District Court for the Northern District of California (Case No. 3:23-cv-04313). It is separate from the $4 billion tort settlement for fire victims.

When will I receive my payment?

Payments are usually distributed 6–9 months after the Final Approval Hearing. Since the hearing is in August 2026, expect payments in early 2027, provided there are no appeals.

What if I missed the claim deadline?

If you miss the June 25, 2026 deadline, you will not receive a payment. However, you will still be bound by the court’s judgment and will lose your right to sue Hawaiian Electric for these specific claims.

Will this settlement payment affect my taxes?

Generally, payments that compensate for a loss in value of an investment reduce your “cost basis” and are not immediately taxable. However, every situation is different. Please consult a tax advisor.

Sources & References

• Official Settlement Website: HawaiianElectricSecuritiesLitigation.com
• Court Filing: In re Hawaiian Electric Industries, Inc. Securities Litigation (N.D. Cal.)
• HEI Investor Relations: 2026 Form 8-K Regulatory Filing
• News: Reuters – Hawaiian Electric $47.75M Shareholder Settlement

Last Updated: March 24, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.