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SCANA agrees to pay about $192M in shareholder suit

Dominion Energy Inc. subsidiary SCANA Corp. has agreed to pay $192.5 million in cash and common stock to settle a lawsuit filed by investors following the failed V.C. Summer nuclear expansion in South Carolina.

Richmond, Va.-headquartered Dominion closed its acquisition of SCANA in early January 2019 following a tumultuous year of regulatory, legislative and legal scrutiny after the South Carolina utility abandoned construction on two nuclear reactors.

SCANA subsidiary South Carolina Electric & Gas Co., now known as Dominion Energy South Carolina Inc., and government-owned utility Santee Cooper, known legally as South Carolina Public Service Authority, co-own the V.C. Summer plant.

Senior U.S. District Court Judge Margaret Seymour in March 2019 denied motions to dismiss shareholder claims filed against SCANA and its former leaders following the scrapped nuclear plant expansion.

SCANA and lead plaintiffs West Virginia Investment Management Board, Stichting Blue Sky Global Equity Active Low Volatility Fund and Stichting Blue Sky Active Large Cap Equity USA Fund reached a settlement in late December 2019.

The settlement filed in the U.S. District Court for the District of South Carolina would settle all securities class action claims in exchange for the payment of $160 million in cash and $32.5 million in Dominion Energy common stock or cash at the option of SCANA.