September 06, 2018

Thousands of landowners in Oklahoma and Kansas could be compensated if a federal court approves a $6.95 million settlement filed Wednesday to resolve claims that Chesapeake Energy Corp., one of its co-founders and SandRidge Energy Inc. conspired to rig bids and fix prices for oil and gas leases in the Anadarko Basin.

The class action lawsuit was filed more than two years ago by a group of landowners after the Department of Justice indicted co-founder and former Chesapeake CEO Aubrey McClendon on a charge that he masterminded the alleged conspiracy. The indictment came one day before he died in a one-vehicle car crash. After McClendon’s death, the Justice Department dropped the indictment against him, but plaintiffs continued their case against Chesapeake, its other co-founder Tom Ward, and SandRidge, which Ward founded in 2006.

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