05:58 PM EDT, 07/18/2024 (MT Newswires) -- Hawaiian Electric Industries ( HE ) is among the companies that have reached a tentative deal to pay more than $4 billion to settle lawsuits over last year's wildfires in Maui, Bloomberg reported Thursday, citing people familiar with the agreement.

The settlement with thousands of homeowners and businesses that filed lawsuits against Hawaiian Electric is still subject to final approval, and the deal may fall apart, the report said.

Hawaiian Electric declined to comment, Bloomberg said.

The company didn't immediately reply to a request for comment from MT Newswires.

Hawaiian Electric shares surged 48% in recent after-hours trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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