SEC v. SCANA CORPORATION, et al.

Case No. 3:20-CV-00882-MGL (D.S.C.)

On February 27, 2020, the Commission filed a complaint (the “Complaint”) against SCANA Corporation (“SCANA”), Dominion Energy South Carolina, Inc. (f/k/a South Carolina Electric & Gas Company) (“Dominion”), Kevin B. Marsh (“Marsh”), and Stephen A. Byrne (“Byrne”) (collectively, the “Defendants”).  The Complaint alleged that the Defendants violated federal securities laws by misleading investors about a project to build two nuclear units that would qualify the company for more than $1 billion in tax credits. According to the Complaint, the Defendants claimed the project was on track even though they knew it was far behind schedule, making it unlikely to qualify for the tax credits, and the nuclear power plant expansion was ultimately abandoned. See the Commission’s Complaint.

Without admitting or denying the allegations of the complaint, the Defendants consented to the entry of Final Judgments against them which, among other relief, ordered the payment of disgorgement and prejudgment interest that was deemed satisfied by payments made in their respective criminal actions. SCANA was further ordered and has paid a $25 million civil penalty to the Commission. The Commission was ordered to hold all funds, together with interest and income earned thereon, pending further order of the Court. See SCANA & Dominion’s Final Judgment, Marsh’s Final Judgment, and Byrne’s Final Judgment.

On September 3, 2024, the Court entered an order that established a Fair Fund for the $25 million civil penalty paid by SCANA, along with any accrued interest (the “Fair Fund”); appointed Heffler, Radetich & Saitta, LLP as the Tax Administrator of the Fair Fund to fulfill the tax obligations of the Fair Fund; and appointed Epiq Class Action & Claims Solutions, Inc. as the Distribution Agent of the Fair Fund to oversee the administration and distribution of the Fair Fund to harmed investors. See the Court’s Order. 

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov