Important Update: The Final Fairness Hearing has been rescheduled to November 20, 2024, at 1:30 p.m.
What is this lawsuit about?
The Litigation seeks damages for Defendants’ alleged failure to pay statutory interest on allegedly late payments under Oklahoma law. Defendants expressly deny 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 payments outside the time frame provided for in the PRSA from Defendants (or Defendants’ designee) for oil, gas, and natural gas liquids proceeds from Oklahoma wells, or whose proceeds from Oklahoma wells were sent as unclaimed property to a government entity by Defendants; and (2) whose payments or whose unclaimed property payments did not include statutory interest pursuant to the PRSA.
The Claim Period means, subject to the terms of the Settlement Agreement regarding Released Claims: (i) for BCE‑Mach LLC, checks or payments made or issued by or for BCE‑Mach LLC between and including September 28, 2018, through February 29, 2024; (ii) for BCE‑Mach II LLC, checks or payments made or issued by or for BCE‑Mach II LLC between and including January 31, 2020, through February 29, 2024; and (iii) for BCE‑Mach III LLC, checks or payments made or issued by or for BCE‑Mach III LLC between and including June 30, 2020, through February 29, 2024.
What does the Settlement provide?
In settlement of all claims alleged in the Litigation, Defendants have agreed to pay Four Million Two Hundred Thousand Dollars ($4,200,000.00) 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 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.