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Hawaiian Electric (NYSE:HE) rose 1.7% in after-hours trading after a judge in Hawaii approved a $4 billion settlement with the utility and other defendants that will resolve lawsuits from hundreds of victims of the Maui wildfires last year.
Maui Circuit Court Judge Peter Cahill ruled that the settlement could move forward, according to a viewer of a livestream of the hearing as wells as posts on social media.
Hawaiian Electric (HE) will pay about $2 billion of the settlement, the utility said earlier this month.
Shares of Hawaiian Electric (HE) plunged 14% on Monday after the utility disclosed a “going concern” risk in its 10-Q filing on Friday. The utility said it had to put the “going concern” language in its filings until it can come up with a plan to pay for settlement obligations.
