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Chesapeake Energy, landowners near $6.95 settlement of lawsuit

Published 09/06/2018, 04:12 PM
© Reuters.  Chesapeake Energy, landowners near $6.95 settlement of lawsuit
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  • Chesapeake Energy (CHK -5.8%) A proposed $6.95M settlement filed in an Oklahoma court would end a lawsuit alleging Chesapeake Energy (CHK -5.8%) and its co-founders conspired to rig bids on leases for land to explore for oil and natural gas.
  • The proposal calls for thousands of landowners in Oklahoma and Kansas to share in the settlement proceeds and comes after two mediation sessions conducted earlier this year by a retired federal judge in Oklahoma City.
  • The lawsuit alleged co-founders Aubrey McClendon, who died in a 2016 auto accident, and Tom Ward, who left CHK in 2006 and later started Sandridge Energy, conspired during 2007-12 for the two companies to not bid against each other in order to suppress prices for leases and royalties.
  • Now read: Chesapeake Energy Common Stock Rally Received A Shot Of Adrenaline


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