Less than a year after devastating wildfires devastated the Big Island, more than 10,000 plaintiffs, including homeowners and businesses, have reached a $4 billion settlement.
Moving from Las Vegas to San Diego in 2025, Inman Connect will be bigger, better and bolder than ever. join us Inman Connects San Diego July 30 to August 1, 2025 Join the brightest minds in real estate as they shape the future of the industry. Book your seat now and enjoy exclusive discounts.
Less than a year after a devastating and deadly wildfire, 10,000 Maui plaintiffs have reached a $4 billion settlement, Shell wire reported on Monday.
On August 8, 2023, Maui suffered the fifth deadliest wildfire in U.S. history and the worst natural disaster in Hawaii. “The total scope of the recovery, including past insurance claims, county, federal and state support, will be close to $12 billion,” Hawaii Gov. Josh Green said in a press release Friday. Historic City La. Haina was destroyed and more than 100 people lost their lives.
The plaintiff and seven defendants — the State of Hawaii, County of Maui, Hawaiian Electric Co., Kamehameha Schools, West Maui Land Company, Hawaiian Telecom and Spectrum/Charter Communications — come after four months of mediation. Reach a settlement.
The $4.037 billion settlement, which is subject to final filings and court approval, will be distributed beginning in mid-2025 to more than 10,000 plaintiffs affected by the fires, including homeowners and businesses. The settlement will resolve nearly 450 lawsuits filed by individuals, businesses and insurance companies related to the Lahaina and Maui fires.
“This more than $4 billion global settlement will help our people recover. As Governor, my top priority is to expedite an agreement and avoid lengthy and painful litigation so that as many resources as possible flow as quickly as possible to those impacted by wildfires.” People. It’s unprecedented to have something like this resolved in one year, and it will be a good thing for our people not to have to wait to rebuild their lives like so many other places that have suffered similar tragedies,” said Governor Green.
“In less than a year, many people have made an extraordinary and unprecedented effort to address the tragic impacts of wildfires,” Green said. “Addressing this problem so quickly shows the difference in Hawai’i and how we are doing it. Come together in times of crisis to heal together as a community.”
Not only will Hawaii contribute to the settlement, but it will also contribute $65 million to the One Ohana fund, according to the governor’s office. The One ‘Ohana Fund is a compensation program designed to assist those who have suffered physical injuries from wildfires and the families of those who have died.
As the Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD) extend the moratorium on foreclosures in Maui, there is a moratorium on FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECM) , the impact of wildfires continues to paralyze Hawaii. Shell wire.
The mortgagee letter issued nearly two weeks ago states that HUD is “now further extending the foreclosure moratorium on properties in Maui County, Hawaii due to the extent of damage caused by wildfires, reduced ability to obtain needed resources, and Maui’s unique geographical location.
The foreclosure moratorium, originally set to expire in May, has been extended for a third time to January 1, 2025.
At last week’s 26th annual Inman Innovators Awards, more than 80 individuals and companies were recognized for improving the real estate industry through leadership and generosity during unexpected challenges. Maui realtor receives Nate Ellis Award for giving back to community following Maui wildfires.
Email Richelle Hamill
