Hawaiian Electric Industries (NYSE:HE) shares surged more than 14% Wednesday after a report from Khon2 said a "massive settlement" resolving all claims and lawsuits over the Maui wildfires could be on the table as soon as next week.
The report states that no specific dollar amounts have yet been revealed, but the clock is ticking as a deal must be finalized in just days. However, they cautioned that even then, wildfire plaintiffs could decide to walk away.
They added that the Maui County Council committee held a hearing today to discuss the county’s part of a deal being negotiated with mediators for hundreds of Maui wildfire lawsuits.
As of today there are 451 lawsuits representing 1,800 individuals and 425 entities, with Maui County the defendant in many, and even the plaintiff in some.
At the time of writing on Wednesday, HE shares are trading 14.35% higher at $9.80 apiece.