A Civil Class Action lawsuit has been filed against Chesapeake, SandRidge and former SandRidge CEO Tom Ward.
The lawsuit was filed by a group of oil and gas royalty owners and alleges violations of federal antitrust laws by bid-rigging and limiting the competition for oil and gas leases in Northwest Oklahoma.
The group is asking for three times what they believe they are owed.
In a press release issued by Burns Charest, founder and co-managing partner Warren Burns said:
“This case is about cleaning up the oil patch. In a rush to reap illegal profits, the defendants violated the trust and confidence of these royalty owners. Their actions demonstrate that they were willing to betray my clients and violate the law. We are suing to recover damages and to promote legal competition in the oil and gas industry.”
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