CAYCE, S.C. (WCBD) – Attorney’s reached a settlement Saturday that could wrap up a lawsuit that’s demanding refunds for South Carolina Electric and Gas customers after the failed V.C. Summer Nuclear project.
Plaintiffs Richard Lightsey, LeBrian Cleckley, and Phillip Cooper have reached an agreement with SCANA Corporation and South Carolina Electric & Gas Company to settle a lawsuit filed in the state Court of Common Pleas in Hampton County on behalf of themselves and current and former SCE&G electric customers. The settlement addresses these customers’ claims and the Attorney General’s arguments related to the Base Load Review Act (“BLRA”). SCANA and SCE&G deny the allegations made in the lawsuit, but have agreed to resolve this matter.
SCANA and SCE&G have agreed to a Common Benefit Fund comprised of the following amounts, to be distributed to the class members:
- A credit of up to $2,000,000,000.00 in future electric rate relief will inure to the benefit of the Common Benefit Fund in favor of class members over a period of time established in the proceeding pending before the Public Service Commission of South Carolina (the PSC)
- A cash payment of $115,000,000.00, which will include the full value of the SCANA rabbi trust funded in January 2018 that was created in whole or in part for executive change-in-control payments
- Transfer of SCE&G owned real estate or sales proceeds from the sale of real properties, including among others, the Ramsey Grove Plantation; the original Charleston Gas & Light Building at 141 Meeting Street in Charleston; and certain Otarre properties in Cayce.
Distribution of any settlement funds is subject to court approval, as well as a final order by the PSC approving a merger between SCANA Corporation and Dominion Energy, and a closing of the proposed merger between the parties.
Affected current and former SCE&G customers will receive information regarding their rights under the settlement. Eligible settlement class members will receive compensation in the form of a bill credit or a payment of an amount to be distributed by a court-approved class action administrator. Upon the approval of the settlement announced today, the lawsuit will be dismissed by agreement and the claims of SCE&G ratepayers will be resolved.
Former United States Attorney, and lead counsel for the certified class, J. Preston Strom, Jr., had the following to say about the terms of this settlement:
“In reaching this agreement, we have been able to secure more than $ 2 billion in relief and accountability for the people of South Carolina. We thank the Attorney General’s office for their hard work throughout this case and particularly in securing the return of funds set aside for executive bonus payments to the ratepayers.”
The State of South Carolina was represented in this matter by Attorney General Alan Wilson. Class Counsel are J. Preston Strom, Jr.; John R. Alphin, Jessica L. Fickling, Mario A. Pacella; and Bakari T. Sellers, of Strom Law Firm, LLC; Terry Richardson, Edward Westbrook, and Daniel S. Haltiwanger, of Richardson, Patrick, Westbrook & Brickman, LLC in Barnwell; Dan Speights and A.G. Solomons, III of Speights and Solomons in Hampton; J. Edward Bell of the Bell Legal Group, LLC in Georgetown; James L. Ward, Jr., and Whitney B. Harrison of McGowan, Hood & Felder, LLC; Vincent Sheheen of Savage, Royall, & Sheheen, L.LP.; and Gregory Galvin of the Galvin Law Group. SCE&G and SCANA are represented by David Balser and Jon Chally of King & Spalding LLP in Atlanta, GA; Leah B. Moody of the Moody Law Firm in Rock Hill, SC; and Jamie Becker and Bob Knowlton of Haynsworth Sinkler Boyd in Columbia, SC.