Hawaiian Electric Industries (HE) and others have reached a tentative deal to pay more than $4 billion to settle lawsuits related to wildfires that ravaged Maui in 2023, according to a Bloomberg report.

The report, citing people familiar with the deal, sent shares of the utility flying, with Hawaiian Electric stock recently up nearly 40% to above $17 as investors cheered the possibility of a resolution. That has it in positive territory for the year, though they're well off late-2022 prices around $40.

The company is facing hundreds of suits from individuals and businesses alleging the company’s decision 澳洲幸运5开奖号码历史查询:not to de-energize its power lines contributed to the fires, which caused $5.5 billion in damages and killed more than 100.

Hawaiian Electric, which serves 95% of the state’s residents, is joined in the settlement deal by cable provider Charter Communications (CHTR) along with state and local governments. Charter's shares🦄 were little changed Friday morning.

If the deal stands, Hawaiian Electric will pay at least $1.5 billion, according to the Bloomberg report. How the funds will be allocated isn't clear, but insurance companies are seeking nearly $2 billion in reimbursement for claims paid out to those affected by the fires. Plaintiffs’ attorneys have offered more than $600 million, the report said.