§ 58-31-57 — Suits for breach of duty.

Wholesale and retail customers of the Public Service Authority and electric cooperatives that are indirect customers of the Public Service Authority may bring suit against Public Service Authority directors asserting a breach of any duty arising under Sections 58-31-55 and 58-31-56. If it is proved that a director violated the provisions of Section 58-31-55 or Section 58-31-56, he is subject to liability under the same theories of liability as for a breach of duty by a corporate director pursuant to Title 33 and South Carolina common law. Liability under this section shall be limited to disgorgement of any ill-gotten gain and damages of not more than fifty thousand dollars per occurrence and reasonable attorney's fees and costs. If the customer prevails, the court may also grant appropriate equitable relief and may award reasonable attorney's fees and costs. Any remedy granted or damages awarded pursuant to this section do not relieve a director from criminal liability or preclude criminal prosecution.

Legislative History

HISTORY: 2005 Act No. 137, SECTION 7, eff May 25, 2005. Editor's Note 2005 Act No. 137, SECTION 10, provides as follows: "Responsibilities and duties of the directors of the Public Service Authority created by the provisions of this act are in addition to responsibilities and duties created by other provisions of law."