Progress in Maui wildfire case; parties agree on settlement amount.

According to a report by Bloomberg on National formal futures platformThursday, Hawaiian Electric Industries and other defendants have tentatively agreed to pay over $4 billion in a settlement related to the Maui Island wildfire lawsuit in Hawaii. The report cited sources familiar with the matter.

The company and other defendants, including county officials, face multiple lawsuits due to the fire that destroyed thousands of properties with estimated damages of $5 billion.

The proposed settlement agreement will conclude lawsuits filed by thousands of homeowners and businesses against the power company.

Bloomberg also mentioned that other defendants included in the proposed settlement agreement are a subsidiary of Charter Communications and state and local governments.

The Hawaii Attorney General's Office and Hawaiian Electric Industries declined Reuters' request for comment on the mediation efforts, citing confidentiality agreements.

Charter Communications also declined to comment, and the Maui Mayor's Office did not immediately respond.

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