Important Update: Following the Final Fairness Hearing on March 26, 2021, the Court entered its Judgment granting final approval to the settlement as well as an order awarding fees, expenses, and case contribution awards and an Initial Plan of Allocation Order. Copies of these documents are available for download from 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?
All non-excluded persons or entities who received proceeds payments from Defendant Plains Marketing, L.P., or its designee on Plains’ behalf, for oil and/or liquids proceeds from oil and/or gas wells located in the State of Oklahoma, or whose oil and/or liquids proceeds from oil and/or gas wells located in the State of Oklahoma were remitted to unclaimed property divisions by Plains, or its designee on Plains’ behalf, dated between October 1, 2014, and October 31, 2020.
A list of the persons and entities specifically excluded from the Settlement Class can be found in the Notice of Proposed Settlement, a copy of which is available on the Important Documents page.
What does the Settlement provide?
In settlement of all claims alleged in the Litigation, Defendant has agreed to pay Ten Million Dollars ($10,000,000.00) in cash (“Gross Settlement Fund”). In exchange for the payment noted above and other consideration outlined in the Settlement Agreement, the Settlement Class shall release the Released Claims against the Released Parties. The Gross Settlement Fund, less Class Counsel’s Fees and Expenses, and 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.
A copy of the Settlement Agreement is available on the Important Documents page.