On August 5, 2024, in less than one year from the Maui Fires, the HECO Lawsuit team announced that a settlement had been reached with the various defendants over the devastation and destruction caused by the Lahaina, Kula and Olinda fires. The parties announced a global settlement of $4.037 billion to resolve all claims stemming from these fires that started on August 8, 2023 and killed 103 people.

The $4.037 billion will be made up of the following payments:

The $4.037 billion will go to fund two specific settlement funds. One is the Individual Settlement Fund which will have approximately $3.9 billion and the other is the Class Action Settlement Fund, which will have $135 million. Each of these funds will be administered by a separate group, which has been appointed by the State Court judge overseeing the litigation.

The Individual Settlement Fund will be run by three Trustees: Cathy Yanni, retired Judge Buckley, and Keith Hunter. The Claims Administrator of the Individual Settlement Fund is the law firm of Brown Greer, who operated in the same capacity for the Fire Victim Trust during the California utility Pacific, Gas & Electric litigation and bankruptcy. The Fire Victim Trust managed close to 70,000 claims and distributed a total of about $14 billion.

The Class Action Fund will be overseen by a separate entity and will be available to pay eligible members of the Class.