Hawaiian Electric stock rallies on report of Maui wildfire settlement

By Steve Gelsi

Shares gain 33% on report of $4 billion settlement.

Hawaiian Electric Industries Inc.'s stock is rallying by about 33% Friday after Bloomberg reported the company is near a settlement for hundreds of lawsuits filed after the wildfires in Maui that caused billions in damage in August.

The boost in stock price on Friday was big enough to push Hawaiian Electric's stock (HE) into positive territory for the year by about 30%.

Citing people familiar with the situation, Bloomberg reported that Hawaiian Electric may agree to a $4 billion settlement along with other plaintiffs.

Hawaiian Electric has not issued any comment.

A settlement would potentially remove some uncertainty around litigation that arose after fires killed more than 100 people and caused billions of dollars in property damage.

Prior to Friday's gains, Hawaiian Electric's stock had fallen 10.2% in 2024, compared to a 16.2% increase in the S&P 500 .

Also read: Hawaiian Electric's stock rockets to a record gain after update on cause of Lahaina fires

-Steve Gelsi

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07-19-24 1033ET

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