Hawaiian Electric (NYSE:HE) stock is up on Wednesday as the reports spread that Maui County is preparing to offer a settlement to those affected by the 2023 Maui fires.
According to these reports, the county is weighing a settlement for thousands of people affected by the fires. This move comes as lawsuits against the county are starting to make their way to court.
These reports don’t provide much in the way of details about the settlements. That includes how long it will take residents to see them or what the amount being paid is. There’s always the possibility that the payment won’t be enough to dissuade further lawsuits.
Aaron Creps of Leavitt Yamane and Soldner, the local law firm representing some of the Maui residents, said this about the news to Khon2:
“I can’t really get into the specifics of settlement discussions or the mediation process. That’s all very confidential, and it’s intended to allow the parties to be open with each other and have candid conversations about the case. Typically, global settlement means a resolution of all claims, but I can’t speculate any more than that.”
What This Has to Do With HE Stock
Settlements could keep Hawaiian Electric from having to deal with lengthy and costly legal battles. This has investors excited as it would put an end to an unfortunate time in the company’s history.
This has HE stock up 14.7% as of Wednesday afternoon, with more than 10 million shares traded. This is above its daily average trading volume of about 2.9 million shares.
Investors will want to keep reading for even more of the most recent stock market stories today!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
