Defendant Name: SCANA Corporation

Defendant Type: Subsidiary of Public Company

Document Reference: LR-24976

Document Details

Legal Case Name SEC v. SCANA Corporation, Dominion Energy South Carolina, Inc. (f/k/a South Carolina Electric & Gas Company), Kevin B. Marsh, and Stephen A. Byrne
Document Name Litigation Release
Document Date 03-Dec-2020
Document Format Civil Proceeding
Case Number 20-cv-00882
Federal District Court South Carolina, District of South Carolina
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC announced that: "SCANA Corp. and its subsidiary South Carolina Electric & Gas Co. (SCE&G) have agreed to settle the SEC's lawsuit charging them with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned. The proposed settlement, which remains subject to court approval, would require SCANA to pay a $25 million civil penalty, and SCANA and SCE&G to pay $112.5 million in disgorgement plus prejudgment interest."

Disgorgement & Penalty Information

Resolutions
Injunction
Monetary Penalties:

Disgorgement

Individual:     Shared:     $112,500,000.00
Shared with: Dominion Energy South Carolina, Inc.

Civil Penalty

Individual:     $25,000,000.00 Shared:    

Pre-Judgment Interest

(Penalty was noted in document, but no amount was listed)

Related Documents:

comp24751 27-Feb-2020 Complaint
Complaint
The SEC stated: "This case arises out of a historic securities fraud perpetrated by senior executives at SCANA Corporation and its subsidiary South Carolina Electric & Gas Company (“SCE&G”) (jointly referred to as “SCANA”). SCANA and its senior executives repeatedly deceived investors, regulators, and the public over several years about the status of a $10 billion nuclear energy project. When the truth was revealed, it resulted in hundreds of millions of dollars in losses to SCANA’s investors and to South Carolinians."
LR-24751 27-Feb-2020 Litigation Release
Litigation Release
The SEC stated that: "[It] charged SCANA Corp., two of its former top executives, and South Carolina Electric & Gas Co. (SCE&G), now known as Dominion Energy South Carolina Inc., with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned."
2020-44 27-Feb-2020 Press Release--Civil Action
SEC Charges South Carolina Energy Companies, Former Executives With Defrauding Investors
The SEC stated that: "[It] charged SCANA Corp., two of its former top executives, and South Carolina Electric & Gas Co. (SCE&G), now known as Dominion Energy South Carolina Inc., with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned."
2020-301 02-Dec-2020 Press Release--Civil Action
Energy Companies Agree to Settle Fraud Charges Stemming From Failed Nuclear Power Plant Expansion
The SEC announced that: "SCANA Corp. and its subsidiary South Carolina Electric & Gas Co. (SCE&G) have agreed to settle the SEC's lawsuit charging them with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned. The proposed settlement, which remains subject to court approval, would require SCANA to pay a $25 million penalty, and SCANA and SCE&G to pay $112.5 million in disgorgement plus prejudgment interest."
court_doc50_20-cv-00882 03-Dec-2020 Court Docket Document
Order and Final Judgment as to Defendants SCANA Corporation and Dominion Energy South Carolina, Inc.
On December 3, 2020, the Court issued a final judgment as to SCANA Corporation stating that defendant "consented to the Court’s jurisdiction over Defendants and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment"