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, but has agreed to the proposed Settlement to avoid the uncertainty, burden, and expense of continued 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 Production Revenue Standards Act from Defendant for oil proceeds from Oklahoma wells; or (2) whose oil proceeds were remitted to un‑claimed property divisions of any government entity by Defendant; and (3) whose payments or whose unclaimed property did not include the statutory interest required by the Production Revenue Standards Act. “Late payments” for purposes of this class definition means payment of proceeds from the sale of oil production from Oklahoma wells, including unclaimed property payments, after the statutory periods identified in Okla. Stat. tit. 52, § 570.10(B)(1) (i.e., commencing not later than six (6) months after the date of first sale, and thereafter not later than the last day of the second succeeding month after the end of the month within which such production is sold). Late payments do not include: (a) payments of proceeds to an owner under Okla. Stat. tit. 52, § 570.10(B)(3) (minimum pay); and (b) prior period adjustments.
The Claim Period means checks or payments made or issued by Defendant dated between and including December 16, 2016, through October 20, 2022.
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 Four Million Eight Hundred Thousand Dollars ($4,800,000.00) 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 Plaintiff’s Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, Case Contribution Award, 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.