Shares of Hawaiian Electric $HE surged 50% in after-hours trading
$Hawaiian(HE)$ saw its stock price soar in after-hours trading, rising more than 50%. This pushed its stock price to $19.14 in after-hours trading.
Image
Litigation Settlement
Buffett's Hawaiian Electric and other companies have preliminarily agreed to pay more than $4 billion to resolve hundreds of lawsuits related to last year's Maui wildfire. The settlement, which is still awaiting final approval, is expected to resolve lawsuits against Hawaiian Electric on behalf of thousands of homeowners and businesses.
Distribution of settlement amount:
Hawaiian Electric is expected to pay about $1.5 billion in settlement, but the shares of other companies are still being finalized. The total amount of $4 billion will be lower than the estimated $5.5 billion capital cost of the fire in the damage assessment released last year.
Other defendants:
Other defendants covered by the tentative settlement agreement include a division of cable TV provider Charter Communications (CHTR.US), as well as state and local governments in the United States.
Settlement payment time:
The proposed settlement may be paid within four years.
Image
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
