Important Update: The Settlement Administrator began issuing Distribution Checks to eligible Class Members on January 3, 2023.
What is this lawsuit about?
The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on allegedly late payments under Oklahoma law. Defendant expressly denies 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. A more complete description of the Litigation, its status, and the rulings made in the Litigation are available in the pleadings and other papers maintained by the United States District Court for the Western District of Oklahoma in the file for the Litigation.
Who is included?
The Settlement Class in the Litigation consists of all non-excluded persons or entities who: (1) received late payments under the PRSA from Defendant (or Defendant’s designee) for oil-and-gas proceeds from Oklahoma wells during the Claim Period; or (2) whose proceeds were remitted to unclaimed property divisions of any government entity by Defendant during the Claim Period; and (3) whose payments or whose unclaimed property did not include the statutory interest required by the PRSA. A list of the persons or entities excluded from the Class can be found in the Notice of Proposed Settlement, which is available for download from the Important Documents page.
What does the Settlement provide?
Defendants have agreed to pay Three Million, Nine Hundred Fifty Thousand Dollars ($3,950,000.00) in cash (“Gross Settlement Fund”). In exchange for this payment and other consideration outlined in the Settlement Agreement, the Settlement Class shall release the Released Claims (as defined in the Settlement Agreement, which is available for download from the Important Documents page) against the Released Parties (as defined in the Settlement Agreement). The Gross Settlement Fund, less Class Counsel’s Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, 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.