The DOJ and state investigations of Chesapeake which were disclosed in Chesapeake's Form 10-Q filed with the SEC on November 6, finally have been picked up by the Associated Press, and are getting renewed press coverage a month later. Followers of Facebook page and this website learned about the disclosure here, and on our Facebook page, on Nov. 7.
Among other things, Chesapeake disclosed in its Form 10-Q that it has "accrued a loss contingency" of $100 million on its financial statements in connection with a royalty owner class action filed on behalf of Oklahoma royalty owners in 2010.
The ongoing investigations by the DOJ and Pennsylvania attorney general DO NOT mean that royalty owners can afford to sit back and wait for the government to take action. Although any judgment or settlement in favor of the DOJ or PA AG would probably be helpful to us, a judgment, fine or settlement in favor of the government would not necessarily put any $ in your pocket for prior underpayments, which is what we will be seeking to do as part of the Marcellus Royalty Action. For that, you will need to pursue your own claims.
http://eaglefordtexas.com/news/id/141905/chesapeake-energy-royalty-practice-investigated/
Among other things, Chesapeake disclosed in its Form 10-Q that it has "accrued a loss contingency" of $100 million on its financial statements in connection with a royalty owner class action filed on behalf of Oklahoma royalty owners in 2010.
The ongoing investigations by the DOJ and Pennsylvania attorney general DO NOT mean that royalty owners can afford to sit back and wait for the government to take action. Although any judgment or settlement in favor of the DOJ or PA AG would probably be helpful to us, a judgment, fine or settlement in favor of the government would not necessarily put any $ in your pocket for prior underpayments, which is what we will be seeking to do as part of the Marcellus Royalty Action. For that, you will need to pursue your own claims.
http://eaglefordtexas.com/news/id/141905/chesapeake-energy-royalty-practice-investigated/
RSS Feed