SCANA Dodges Investor Suit Over Failed $9B Nuke Plant
Law360 (September 3, 2019, 5:36 PM EDT) -- A SCANA Corp. shareholder suit stemming from problems with the company's $9 billion nuclear reactor project can't proceed, a South Carolina federal judge ruled Tuesday, saying the company's recent merger blocks the claims.
SCANA became a subsidiary of Dominion Energy Inc. in January, which means that the two stockholders who brought the derivative complaint no longer own SCANA stock. Without holding stock, they don't have standing to sue on behalf of the company, according to U.S. District Judge Margaret B. Seymour.
The shareholders alleged the company lost billions and exposed itself to legal jeopardy based on its fiasco of an effort...
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