Found this post on MARCELLUSROYALTYACTION.com. Has anybody heard anymore? Thought there would be lots of comments. I know that I will be opting OUT!!!
The settlement is only in Chesapeake's favor. This class action, along with any other settlement, will change your lease forever. Once you accept a settlement that allows them to take any deductions, then you are giving them the right to take them forever, even if you think that your lease is a NO DEDUCTION lease. You also give up your right to certain future lawsuits against Chesapeake.
Watch for the notice in the mail. It is not junk mail, and affects your future. OPT OUT!!!! Do not give in to Chesapeake.
NOTICE OF PRELIMINARY APPROVAL OF CLASS SETTLEMENT IN DEMCHAK PARTNERS CLASS ACTION AND OF DECEMBER 17, 2015 DEADLINE TO OPT-OUT OF PROPOSED CLASS SETTLEMENT
If you receive royalties from Chesapeake based on a lease that contains a Market Enhancement Clause, you should be aware that the Court entered an Order on October 2, 2015 certifying a Settlement Class and preliminarily approving the proposed Class Settlement in the Demchak Partners class action case, and establishing December 17, 2015 as the deadline to exclude yourself from the Class Settlement. For more information, see our FAQ page titled How Does the Proposed Class Settlement in the Demchak Partners Clas...
Thanks to OPEC Chesapeake is on their way out of the Appalachian Basin, even with the free NGLs they are still producing without a royalty.
I do hope they stick around long enough to be hammered by the next round of lawsuits though.
You got that right Ron. We have an enhancenent clause. So sign the lawsuit and then they will only take out 72.5%. 1% is illegal. So we wait some more. Life goes on.
Thank you. I'm glad that somebody else gets what is going on with this case. Don't forget, the lawyers get a cut -30%- going forward for the next 3 years!
The class action settlement states on page 2, paragraph B "further allege that Chesapeake used below-market sales prices to calculate royalty payments". I do not see the price for the gas sold at below market price addressed anywhere in the settlement. Did I miss it, or was this suit not also about the price paid for the gas? It seems the price paid could be worth more than the deductions.
By accepting the settlement you will dismiss with prejudice all claims in the original suit. If one of the claims was Chesapeake was selling the gas at below market prices, you would not be allowed to litigate those claims again. If I hired an attorney to recover losses because of deductions and sales at below market prices, and he came up with this settlement, I would find a new attorney.
Every day thousand of cases are tried in courts throughout the United States. Each case has at least two attorneys, one for one against, The only outcome that is certain, is that 50% of the attorneys will lose. Chose your representative wisely.
Thts is what