Hawaiian Electric Industries (NYSE: HE) and other defendants in lawsuits over the Maui wildfires in Hawaii have tentatively agreed to pay more than $4 billion in settlement amount, Bloomberg News reported on Thursday, citing people familiar with the matter.
The company and other defendants, including county officials, face multiple lawsuits over the blazes that destroyed thousands of properties and caused damages worth an estimated $5 billion.
The proposed deal would settle suits on behalf of thousands of homeowners and businesses against the utility.
Other defendants, in the proposed settlement, include a unit of Charter Communications (NASDAQ: CHTR) and state and local governments, Bloomberg added.
Hawaii’s Department of the Attorney General and Hawaiian Electric declined Reuters requests for comment on the mediation efforts, citing a confidentiality agreement.
Charter Communications also declined to comment, while the Office of Maui Mayor did not immediately respond.
(Source: ReutersReuters)
