Important Update: Following the Final Fairness Hearing on January 17, 2023, the Court granted final approval to the Settlement. Copies of the Court's Order and other relevant pleadings are available on the Important Documents page.
What is this lawsuit about?
The Litigation seeks damages for Defendants’ alleged failure to pay statutory interest on allegedly late payments under Oklahoma law. Defendants expressly deny all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation. The Court has made no determination with respect to the merits of any of the parties’ claims or defenses.
Who is included?
The Settlement Class in the Litigation consists of all non-excluded persons or entities who, during the Claim Period: (1) (i) received payments from Defendants (or Defendants’ designee) for oil, gas, or natural gas liquids proceeds from Oklahoma wells or (ii) whose proceeds were remitted to unclaimed property divisions of any government entity by Defendants and (2) whose payments or whose unclaimed property payments did not include statutory interest. The Settlement Class includes owners of royalty interests, overriding royalty interests, and working interests.
A list of the persons or entities excluded from the Classes can be found in the Notice of Proposed Settlement, which is available for download from the Important Documents page.
If you belong to the Settlement Class and the Settlement is approved, your legal rights will be affected. Read the Notice carefully to see what your rights and options are in connection with the Settlement.
What does the Settlement provide?
In settlement of all claims alleged in the Litigation, Defendants have agreed to pay Twenty-Five Million Dollars ($25,000,000.00) in cash (“Gross Settlement Fund”). In exchange for the payment noted above and other consideration outlined in the Settlement Agreement, the Settlement Class shall release the Released Claims against the Released Parties. The Gross Settlement Fund, less Plaintiff’s Attorneys’ Fees, Litigation Expenses and Administration, Notice, and Distribution Costs, and a Case Contribution Award, and other costs approved by the Court (the “Net Settlement Fund”), will be distributed to final Class Members pursuant to the terms of the Settlement Agreement.
The Settlement Agreement also includes Future Benefits for the Settlement Class.