Settlement of KBC Asset Management NV v. Marsh, et al., No. 2019-CP-4002522 and
Parler v. Marsh, et al., No. 2017-CP-40-06621
The parties have reached a settlement of this action, pending in the State of South Carolina, County of Richland, in the Court of Common Pleas for the Fifth Judicial Circuit. The settlement provides for the payment of $63 million for the benefit of eligible Class Members. Plaintiffs KBC Asset Management NV, Teresa Parler, Metzler Asset Management GmbH, and City of Warren Police and Fire Retirement System alleged SCANA Corporation (“SCANA”) Board of Directors breached their fiduciary duties to SCANA and its shareholders in connection with the fraudulent cover-up of a failed nuclear power plant project and the subsequent sale of SCANA to Dominion after the cover-up was made public.
The Class consists of all holders of SCANA common stock, as of January 3, 2018, the date of the announcement of the sale of SCANA to Dominion, through and including July 31, 2018, the date of the shareholder vote on the Merger (“Class Period”). Excluded from the Class are SCANA, Dominion, the Individual Defendants, and any person, firm, trust, corporation, or other entity related to or affiliated with the Individual Defendants. Also excluded from the Class is any Person who validly requests exclusion from the Class.
The settlement was approved by the Court on June 3, 2022.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.