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?
The Settlement Class in the Litigation consists of the following individuals and entities:
All non‑excluded persons or entities who, during the Claim Period: (1) received late payments under the PRSA from Calyx (or Calyx’s designee) for oil‑and‑gas proceeds from Oklahoma wells, or whose proceeds were sent as unclaimed property to a government entity by Calyx; and (2) whose proceeds did not include the statutory interest required by the PRSA.
The Claim Period means checks or payments dated between and including August 31, 2016, through October 31, 2022, subject to the terms of the Settlement Agreement regarding Released Claims. 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?
In settlement of all claims alleged in the Litigation, Defendant has agreed to pay One Million Dollars ($1,000,000.00) 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 Awards, 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 Class Representatives and Plaintiffs’ Counsel believe that the Settlement is in the best interest of the Class, and, therefore, they intend to support the proposed Settlement at the Final Fairness Hearing.