Important Update: The Court granted final approval to the Settlement on October 2, 2023. 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 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.
Who is included?
The Settlement Class in the Litigation consists of the following individuals and entities:
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; (2) or 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.
The Claim Period means checks or payments made or issued by Defendant dated between February 28, 2016, and February 28, 2023, subject to the terms of the Settlement Agreement regarding Released Claims.
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, Defendant has agreed to pay Eight Hundred Fifty Thousand Dollars and Zero Cents ($850,000.00) 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) against the Released Parties (as defined in the Settlement Agreement). The Gross Settlement Fund, less Plaintiffs’ Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, Case Contribution Awards, and any 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.