Hawaiian Electric gains after judge says $4B wildfire settlement can move forward

August 14, 2024

in Financial

Reading Time: 2 mins read

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wildfire under electrical transmission line — My Picture Buddy/iStock by way of Getty Photos

Hawaiian Electrical (NYSE:HE) rose 1.7% in after-hours buying and selling after a decide in Hawaii authorized a $4 billion settlement with the utility and different defendants that can resolve lawsuits from lots of of victims of the Maui wildfires final yr.

Maui Circuit Courtroom Decide Peter Cahill dominated that the settlement may transfer ahead, in line with a viewer of a livestream of the listening to as wells as posts on social media.

Hawaiian Electrical (HE) pays about $2 billion of the settlement, the utility mentioned earlier this month.

Shares of Hawaiian Electrical (HE) plunged 14% on Monday after the utility disclosed a “going concern” danger in its 10-Q submitting on Friday. The utility mentioned it needed to put the “going concern” language in its filings till it will possibly give you a plan to pay for settlement obligations.