SCANA Shareholders Reach a $63 Million Settlement
SCANA Corp. shareholders were awarded $63 million in a settlement related to the coverup of the failed V.C. Summer nuclear project and the company’s subsequent merger with Dominion Energy.
The settlement concluded two lawsuits SCANA investors filed in the wake of the $9 billion debacle. The first, filed in 2017, asserted that the SCANA board and executive team owed the shareholders, as owners of the company, damages for tanking the value of the utility, previously South Carolina’s largest Fortune 500 Company, through fraud.
The second suit was filed in 2019 in response to Dominion absorbing SCANA. That complaint alleged that the larger company paid far less for SCANA than it would have if not for the misconduct of its leadership, shortchanging the shareholders.
