Local & State | Coast
Accounting firm for alleged role in Parish Ponzi scheme
CHARLESTON -- A class-action lawsuit has been filed against the Charleston accounting firm Dixon Hughes and three of its employees for its alleged role in the Al Parish case. Parish was sentenced in 2008 to 24 years in prison for running a $66 million Ponzi scheme. The lawsuit hinges on a “Comfort Report” that Dixon Hughes sent to Parish investors in early 2007. The lawsuit alleges that the firm claimed to compile the report from brokerage statements, when it received statements generated only by Parish that “summarized imaginary account balances.” An attorney for Dixon Hughes is seeking to dismiss the suit.
Giant Ferris wheel complex favored
MYRTLE BEACH -- The Myrtle Beach Community Appearance Board likes the concept of the giant Ferris wheel complex proposed for Ocean Boulevard. St. Louis-based Pacific Development plans a 175-foot-tall SkyWheel Ferris wheel that would be the largest east of the Mississippi in the United States, and be just like the one near Niagara Falls.
Bank signs FDIC capital levels order
GREENVILLE -- Palmetto Bancshares, Greenville-based parent of The Palmetto Bank, has signed a consent order with the Federal Deposit Insurance Corp. and the State Board of Financial Institutions, requiring it to achieve and maintain minimum capital levels. The bank holding company signed the order while stipulating that it is not admitting or denying any charges of unsafe or unsound banking practices or any violations of laws or regulations relating to asset quality, capital adequacy, earnings, management effectiveness, liquidity or sensitivity to market risk.
Nation & World
CVS Caremark, Walgreen settle dispute over prescriptions
NEW YORK -- CVS Caremark Corp. and Walgreen Co. have settled a dispute that threatened to change where millions of Americans fill prescriptions. The companies, which said Friday they have agreed on a deal but did not disclose its terms, were battling over the amounts Caremark reimburses Walgreen for filling prescriptions for Caremark patients. Walgreen and CVS do billions of dollars in business together, as Walgreen is the largest U.S. drugstore operator and CVS’s Caremark is the third-largest prescription benefits manager.
Loan to finance new Georgia reactors
ATLANTA -- Southern Co. is accepting $8.3 billion in federal loan guarantees from the federal government, setting the stage for the construction of the first new nuclear reactors in the United States in a generation. The loan guarantees are contingent on the project in Burke County, Ga., winning approval from the U.S. Nuclear Regulatory Commission.
The (Charleston) Post and Courier, The (Myrtle Beach) Sun News, The Greenville News and The Associated Press contributed.