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Hawaiian Electric (New York Stock Exchange:HE) +45.2% Thursday after Bloomberg reported that the utility is among companies that have tentatively agreed to pay more than $4 billion to settle hundreds of lawsuits over last year’s Maui wildfires.
The proposed agreement, which is still awaiting final approval, would resolve lawsuits on behalf of thousands of homeowners and businesses against Hawaiian Electric (HE), according to the report.
The $4 billion total would be below the estimated $5.5 billion capital cost caused by the fires in a damage assessment released last year.
Hawaiian Electric (HE) is said to have to pay about $1.5 billion of the deal, but the other companies' shares are still being finalized; the proposed deal would likely be paid out over four years, the report said.
Other defendants reportedly covered by the tentative agreement include a unit of cable provider Charter Communications (CHTR), as well as state and local governments.
