Other steps still remain to finalize the deal between thousands of people who lodged lawsuits and various defendants, including Hawaiian Electric Company.

Shares of Hawaiian Electric (NYSE:HE) climbed 5.8% today after a favorable legal development. The Hawaii Supreme Court ruled unanimously that insurance companies cannot block the $4 billion settlement related to the Maui wildfire.

The Hawaii Supreme Court ruled Monday that insurers could not take part in a $4 billion settlement for victims of the 2023 fires.

A settlement was announced last summer, but insurance companies held out, insisting that they should have the right to go after the defendants separately.

The Hawaiʻi Supreme Court has ruled that insurance companies can’t bring their own legal actions against those blamed for Maui’s catastrophic 2023 wildfire, the deadliest in the U.S. in more than a century.