“Chesapeake Energy Hit With Antitrust Suit By Landowners,” Law360
March 03, 2016
Chesapeake Energy Corp. was hit Thursday by a proposed antitrust class action in Oklahoma federal court by a group of oil and gas royalty owners over an alleged conspiracy orchestrated by the company to rig bids and limit competition for oil and gas leases.
The case comes one day after Aubrey McClendon, Chesapeake’s CEO and part-owner of the NBA's Oklahoma City Thunder, died in a car accident that occurred less than 24 hours after he was indicted on allegations by the U.S. Department of Justice that he’d been working between 2007 and 2012 with oil and gas companies to decide in advance the winner of land leases in order to avoid competition.
Led by Brian Thieme, the proposed class includes individuals that own royalties in the Anadarko Basin region, a massive geological formation holding natural gas and oil deposits located in the Texas panhandle, western Oklahoma and southern parts of Colorado and Kansas.