Labaton Keller Sucharow achieved a $192.5 million settlement against SCANA Corporation and certain of the company’s senior executives. SCANA provides electricity and natural gas to roughly 1.6 million customers in the Southeastern United States.  In 2008, SCANA began constructing two new nuclear reactors at the V.C. Summer site near Jenkinsville, South Carolina (the Nuclear Project).  In November 2015, Defendants received an independent report from expert consultants that detailed formidable obstacles, massive cost overruns, and imprudent management.  The 130-page report concluded that “there [were] significant issues facing the project,” including “plans and schedules [that] are not reflective of actual project circumstances” and an engineering design which “is not yet completed” and “not constructible.”  However, Defendants allegedly continued constructing the plants, touting its purported progress, and charging increased rates for over a year.

The case is In re SCANA Corporation Securities Litigation, No. 17-cv-2616 (D.S.C.).

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