Gas drilling company and royalty owners announce $42.6 million settlement
- by West Virginia MetroNews
- Sep 04, 2024
- 0 Comments
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oil and gas leases.
Jay-Bee has agreed to stop charging post-production expenses under certain leases determined by the court to not allow post-production expenses to be charged to royalty owners.
On other leases, as determined by the court, Jay-Bee will be allowed to charge royalty owners specified post-production expenses consistent with the language of the lease. For any improper deductions charged in 2024, Jay-Bee will refund these deductions directly to royalty owners, with interest.
The settlement is subject to final court approval and achieving a threshold minimum percentage of participation by the class members. The publication notice accompanying this press release has further details regarding the settlement.
More details on the settlement and the methods for calculating royalties in the future are included in the settlement agreement and detailed notice, which are available at www.Jay-BeeClassAction.com,
After deducting court-approved attorneys’ fees and expenses, settlement payments will be distributed to eligible class members. Eligible class members will receive a minimum payment of
$200
. People who do not want to be legally bound to the settlement — and, therefore, would release any claims against Jay-Bee, may exclude themselves through written notification to the settlement administrator. People or entities who do nothing will remain in the class and be bound by the settlement.
The lawsuit,
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