SCANA, SCE&G Settle $2 Bln Lawsuit On Failed V.C. Summer Nuclear Project

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SCANA, SCE&G Settle $2 Bln Lawsuit On Failed V.C. Summer Nuclear Project

(RTTNews.com) - SCANA Corp. (SCG) announced that the company and South Carolina Electric & Gas Co. or SCE&G have agreed to pay more than $2 billion to settle a class action lawsuit related to failed V.C. Summer nuclear project.

The agreement was reached in the lawsuit filed in the state Court of Common Pleas in Hampton County on behalf of Plaintiffs Richard Lightsey, LeBrian Cleckley, and Phillip Cooper and current and former SCE&G electric customers.

SCANA abandoned the V.C. Summer nuclear plant in Fairfield County in August 2017.

SCANA, which is in deal to merge with Dominion Energy, said the company and SCE&G deny the allegations made in the lawsuit, but have agreed to resolve this matter. SCANA and SCE&G have agreed to a Common Benefit Fund, to be distributed to the class members.

The Fund comprised a credit of up to $2 billion in future electric rate relief, and a cash payment of $115 million, which will include the full value of the SCANA rabbi trust funded in January 2018 that was created in whole or in part for executive change-in-control payments.

As per the statement, Dominion Energy helped SCANA provide financial resources necessary to make this restitution.

Distribution of any settlement funds is subject to court approval, as well as a final order by the PSC approving a merger between SCANA Corporation and Dominion Energy, and a closing of the proposed merger between the parties.

Read the original article on RTTNews (http://www.rttnews.com/2957431/scana-sce-g-settle-2-bln-lawsuit-on-failed-v-c-summer-nuclear-project.aspx)

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