Hawaiian Electric surges as Maui County Assembly passes fire lawsuit settlement plan

Hawaiian Electric (NYSE: HE) surged 18% in response to the Maui County Assembly passing a large-scale settlement plan to resolve all claims and lawsuits relating to the Maui wildfires late Tuesday night.

According to KHON2's report on Tuesday, the Maui County Assembly committee is proceeding with proposals to all councils, which will be on the agenda as early as next week.

The amount of money has not been presented, and it is said that there is still a possibility that the plaintiff in the wildfire will escape.

“Maui County General Counsel Victoria Takaes said, “A global settlement encompasses all claims against the county, claims against co-defendants, and counterclaims, according to KHON2. Then, all plaintiffs agree, and all subrogators or insurance companies agree.

Both the Hawaii Attorney General's Office and Hawaiian Electric (HE) have acknowledged that mediation is underway, but declined to comment further on this news media.

The stock price of Hawaiian Electric (HE) rose for 2 consecutive days after rising 11% on Tuesday in response to reports that thousands of people damaged by the Maui wildfires that occurred in August last year may soon be presented with a settlement plan from Maui County.

Of the hundreds of lawsuits in which Maui County is the defendant, the possibility of settlement emerged as the first lawsuit neared trial.