Investors involved in a failed $9 billion nuclear reactor project in South Carolina have been given the green light to proceed with their claims against Deloitte & Touche LLP. The US District Court for the District of South Carolina has ruled that the complaint and the pension fund leading the suit have no jurisdictional issues.
The International Brotherhood of Electrical Workers Local 98 Pension Fund, acting as the lead plaintiff, has been deemed to have constitutional standing and meets the requirements outlined in the Private Securities Litigation Reform Act. Judge Donald C. Coggins Jr. delivered the ruling on Monday.
The project in question, operated by Scana Corp., was abandoned in 2017 following substantial cost overruns and construction delays. Investors have alleged that Deloitte & Touche LLP, which served as the project’s auditor, failed to properly identify and communicate the risks associated with the venture.
Although the specific details of the claims have not been mentioned in the ruling, the court’s decision allows the investors to continue their legal pursuit against Deloitte & Touche LLP. This development presents an opportunity for affected parties to seek compensation for their financial losses resulting from the failed nuclear reactor project.
The judge’s decision acknowledges the validity of the pension fund’s role as lead plaintiff, signifying the court’s recognition of the fund’s ability to represent the interests of all affected investors. This ruling could have far-reaching implications for similar cases in the future, as it establishes precedents for the jurisdiction and requirements of lead plaintiffs in such litigation.
In conclusion, investors affected by the failed nuclear reactor project in South Carolina have been granted permission to proceed with their claims against Deloitte & Touche LLP. The court’s ruling recognizes the constitutional standing of the lead plaintiff, allowing the legal process to move forward and potentially result in compensation for the financial losses suffered by investors.
