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Judge approves class-action lawsuit settlement against Santee Cooper
Failed nuclear power project by South Carolina utility will settle the two-and-a-half year class-action suit for $520M. The terms of the settlement will require current owner of SCE&G, Dominion Energy, to pay $320 million. Santee Cooper, the South Carolina Public Service Authority, will pay $200 million in cash over three years. A rate freeze is also part of the settlement and will go into effect for the next four years. While this litigation has ended, the utility is facing another proposed class-action lawsuit by an investor in Santee Cooper's mini-bond program. This decision leaves many wondering if the bleeding will ever stop? If so, how? And what lessons can be learned? Will this outcome hinder the development and production of future nuclear power generation plants?
Judge approves class-action lawsuit settlement against Santee Cooper
South Carolina-owned Santee Cooper must pay $200 million to ratepayers and impose a four-year rate freeze to end a suit over a failed nuclear reactor project.
Source: www.bondbuyer.com
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