Maui suit claims Hawaiian Electric caused wildfire
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 25 August 2023
⏱️ 8 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Friday, August 25th, and I'm your host, Drewi Morgan. |
| 0:12.0 | A new Maui County lawsuit alleges Hawaiian electric negligence caused the deadly wildfires. |
| 0:18.0 | The DOJ is suing SpaceX for hiring discrimination against refugees and asylum seekers. |
| 0:24.3 | And Ukrainian pilots will soon start training on F-16 fighter jets manufactured by Lockheed Martin. |
| 0:31.6 | Here's what's making headlines today. Maui County fouled a lawsuit |
| 0:35.7 | Thursday against Hawaiian Electric alleging the utility's power lines caused the recent |
| 0:41.0 | wildfires on the island, |
| 0:42.8 | including the fire that destroyed the town of Lahaina. |
| 0:46.0 | The lawsuit seeks unspecified civil damages, |
| 0:49.0 | alleging Hawaiian electric failed to maintain the electrical system and power grid during a windstorm that helped |
| 0:55.8 | cause three different fires that erupted on August 8th. |
| 0:59.3 | The lawsuit claims the utility acted negligently by not preemptively cutting power despite a warning |
| 1:05.8 | from the National Weather Service of high winds and temperatures with low humidity and says |
| 1:10.9 | the failure to maintain its system led to energized downed power lines |
| 1:16.0 | causing the fires. The company also was hit with a securities fraud lawsuit |
| 1:20.8 | that focuses on the impact to shareholders claiming |
| 1:23.9 | compromise safety protocols put the island at a heightened risk which |
| 1:28.3 | contributed to the precipitous decline in the market value of the company's |
| 1:32.4 | securities. |
| 1:33.6 | Hawaiian Electric also suspended its quarterly dividend. |
| 1:37.2 | He ended Thursday's session at $11.86, |
... |
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