backOn November 18, 2025, District Judge Jacquelyn D. Austin of the District of South Carolina granted preliminary approval for a $34 million settlement between investors in SCANA Corporation and Deloitte after a settlement hearing, finding that the proposed settlement will likely be able to be finally approved as being “fair, reasonable, and adequate to the Settlement Class.” The settlement would resolve claims that Deloitte, in the course of its financial-statement audits for electric utility SCANA, failed to warn SCANA investors of serious cost overruns and other issues with the company’s construction of two nuclear reactors. Under the settlement, Deloitte denies liability.
As we reported in previous editions of the ALB, the district court granted the investors class certification on November 15, 2024, and the Fourth Circuit subsequently granted Deloitte’s petition to file an interlocutory appeal. On January 31, 2025, the parties filed motions for summary judgment. The settlement, initially reported on April 29, 2025 was reported in the May 2, 2025 ALB.
The case is Intl. Bhd. of Elec. Workers Loc. 98 Pension Fund v. Deloitte & Touche LLP, No. 19-cv-3304, ECF. No. 321 (D.S.C. Nov. 18, 2025). The plaintiff is represented by Cohen Milstein Sellers & Toll PLLC and Tinkler Law Firm LLC. Deloitte is represented by Milbank LLP and Moore & Van Allen PLLC. Prior coverage of the class certification, appeal, and initial settlement is available here, here, and here. A copy of the order can be found here. The stipulation and agreement of settlement can be found here.