The State – Santee Cooper’s board approved a $2 million settlement Monday in the final lawsuit stemming from the failed V.C. Summer nuclear plant project.
Between 2014 and 2016, South Carolina’s public utility issued mini-bonds to individual investors in an effort to raise money for infrastructure projects, mainly the nuclear plant project in Fairfield County. The mini-bond sales would typically bring in $20 million to $25 million from investors into the state-owned utility, said Santee Cooper spokesperson Mollie Gore.
But in 2019, investors sued Santee Cooper, alleging the utility did not disclose issues surrounding the $9 billion nuclear project, leading to low interest rates.
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The State – SCANA and its successor company, Dominion Energy, have reached an agreement to pay the federal Securities and Exchange Commission a $25 million civil fine in one of the state’s largest civil fraud cases, according to public court records filed Wednesday in U.S. District Court.
Under the proposed settlement, neither SCANA, a now-defunct company, nor Dominion Energy, its successor company, admit any fault in the multi-billion dollar business failure of one of the state’s largest construction projects ever – the effort to build two nuclear power plants in Fairfield County.
However, under the proposal, neither corporation can publicly claim it is innocent of any wrong-doing alleged in the SEC’s 87-page civil complaint, filed last February in U.S. District Court in Columbia.