Judge okays $192 million settlement in SCANA shareholder fraud lawsuit in nuclear venture
COLUMBIA, SC -- A civil fraud class action lawsuit brought by shareholders against SCANA and its former top executives over the failure of its $9 billion nuclear power plant project in Fairfield County was settled Thursday for $192.5 million.
Lawyers for the institutional and individual shareholders included in the class action will split approximately $30 million in legal fees.
Plaintiffs’ lawyers hailed the payout as the largest shareholder settlement in South Carolina business history. They said the lawsuit could have potentially paid more that $1 billion if the case had gone to trial, but given the risks and uncertainties of a jury trial, the $192.5 million was a reasonable settlement.
Federal Judge Margaret Seymour approved the settlement after a nearly an hour hearing Thursday morning where most lawyers participated by video conferencing. Under court rules that mandate open courts, news reporters were also allowed to listen in.
Read more: https://www.newsobserver.com/news/state/south-carolina/article244109232.html
(Raleigh News & Observer)