Insurers’ Maui fire settlement objection is nixed
An effort by insurance companies to upend or alter a tentative
Judge
Cahill, chief judge for the state's
Insurance companies had objected to conditions of an
For the settlement to be finalized, one of two conditions must be met by
One option is for insurance companies to release claims against the parties funding the settlement, which are
The other option is for the court to order that the only way for insurance companies to recover fire-related claim payments to customers is to assert liens against their policyholders if a policyholder receives more than fair compensation for losses from insurance and settlement proceeds.
On
The insurance companies, referred to as subrogating insurers, filed their own lawsuit in
"The rush by the parties to the (litigation by fire victims) to push through a non-global settlement that spares the Defendants - who devastated
"No party that is contributing to the decidedly non-global settlement - the parties that caused the damage to all persons and businesses devastated by the Maui Fires - have contributed anywhere near what the Non-Party Subrogating Insurers already paid and will continue to pay to heal
"
Gov.
"Their (
Green also warned that derailing the settlement could result in it taking years for the litigation to play out, and delay recovery for victims who lost family members, homes, businesses and personal property.
Three mediators proposed the settlement amount based on what they concluded was the maximum the defendants could "fairly and practicably contribute based on the facts and circumstances of the case, including potential exposure, availability of insurance, and limitations on ability to pay."
Under the tentative settlement,
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