Important Update: The Settlement Administrator began issuing Distribution Checks to eligible Class Members on January 9, 2023.
What is this lawsuit about?
The Litigation seeks damages for Defendant’s alleged failure to pay statutory interest on certain suspended proceeds and/or 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 Eastern District of Oklahoma in the file for the Litigation.
Who is included?
The Settlement Class consists of all non-excluded persons or entities who received oil-and-gas proceeds payments from Defendant Bravo Arkoma, LLC from oil and/or gas wells located in the State of Oklahoma between November 1, 2015, and April 30, 2021, or whose oil-and-gas proceeds were escheated to a government entity by Defendant between November 1, 2015, and April 30, 2021, or whose suspended oil-and-gas proceeds were transferred by Defendant to Mustang or WSGP between November 1, 2015, and April 30, 2021. 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 Two Million, Six Hundred Thousand Dollars ($2,600,000.00) 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 Fees and Expenses, and other costs approved by the Court, will be distributed to final Class Members pursuant to the terms of the Settlement Agreement.