McClendon's Estate, Chesapeake Reach Financial Settlement
OKLAHOMA CITY - A settlement was reached between Chesapeake Energy and it's former CEO Aubrey McClendon's estate.
This all started as a legal dispute involving claims that McClendon stole sensitive documents from Chesapeake to start a rival company. But after a deadly crash last March, which happened the day after he was indicted, Chesapeake was seeking $445 million in damages from his estate.
As part of the settlement filed earlier this month in Oklahoma County District Court, Chesapeake has agreed to drop that claim and pay $3.25 million in legal fees. In exchange, McClendon's estate is dropping claims to any compensation still owed under McClendon's separation agreement with Chesapeake. That includes cash, stock, and the use of a corporate jet.
The agreement must still be accepted by the court. A hearing has been set for March 8.