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Dominion Energy Reaches Settlement

  • By Admin
  • January 14, 2020
  • 18 Views

A nearly $200 million settlement has been reached with Dominion Energy, the new owner of S.C. Electric & Gas in a federal civil fraud lawsuit against former SCANA power company officials.

The deal was reached last month after almost a year of negotiations. 

Shareholders filed the lawsuit to recover some of their money lost due to the abandoned V.C. Summer nuclear expansion project.  Shareholders accused SCANA and its former executives of misleading investors about the health of the project before its abandonment in 2017. 

The settlement requires Dominion to pay former SCANA shareholders $160 million in cash payments and $32.5 million of Dominion Energy stock. Any SCANA shareholder who owned stock between October 2015 and December 2017 will be eligible. 

The settlement will now be presented to a federal judge, who will have to sign off on the terms. 

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