A South Carolina state judge approved a $520m settlement in a customer class action lawsuit against state-owned utility Santee Cooper over increased rates for a failed nuclear construction project.
The judge signed off on the deal, which will provide refunds for nearly all of the utility’s 1.7 million customers. After about 90 days, customers will receive some kind of cash payment. Customers with refunds of less than $25 will receive a credit on their bill.
Plaintiffs’ lawyers will get 15%, or $77m to $78m, of the settlement. Lawyers said the percentage is relatively low in this kind of lawsuit, The State newspaper reported.
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