SCANA executives can say goodbye to their $115 million golden parachutes.
It may be too late to take back similar millions other executives took. But those still at SCANA will not be similarly rewarded.
That was one of the terms of a $2 billion lawsuit settlement with Attorney General Alan Wilson and others who sued the Lexington County-based power company.
The big winners will be the lawyers, said SC Small Business Chamber CEO Frank Knapp. They will get 35% of it, not ratepayers.
That $40.25 million.
The $115 million will come from sale of SCANA properties to give 727,000 SCE&G ratepayers another $70 million in lower rates.
The settlement depends on Public Service Commission approval of Dominion Energy’s buy out of SCANA.
If a sale is approved, Dominion will let top executives and another 600 Lexington County workers go.
SCANA agreed to:
•  $2 billion in future electric rate relief over time.
• $115 million in cash including golden parachutes for SCANA executives.
• Sale of SCE&G owned real estate in Cayce.
SCE&G said ratepayers will receive information on their settlement rights. 
 “This is basically our version of the Bernie Madoff situation,” said former US Attorney, and lead counsel J. Preston Strom, Jr.
 “We have some bad actors who did some bad stuff at SCANA. We’ve gotten as much money as we possibly can and still make it somewhat attractive for Dominion to take it over.” 
Attorney General Alan Wilson said, “The settlement resolves the injury that SCE&G customers suffered.” 
Wilson said the settlement does not end an inquiry into those who are responsible for the project’s failure.