Welcome to the Sagacity v Cimarex Settlement Website
What is this lawsuit about?
The Litigation seeks damages for Defendants’ alleged underpayment of royalties paid to Plaintiffs and the Settlement Class or their predecessors on natural gas, natural gas liquids, and associated hydrocarbons produced during the Claim Period. Defendants expressly deny all allegations of wrongdoing or liability with respect to the claims and allegations in the Litigation. The Court has made no determination with respect to the merits of any of the Parties’ claims or defenses.
Who is included?
The Settlement Class in the Litigation consists of the following individuals and entities:
All non-excluded royalty owners in Oklahoma wells (a) operated and leased by Cimarex Energy Co., (b) operated by Cimarex Energy Co. of Colorado, Inc. and leased by Prize Energy Resources, Inc. or Magnum Hunter Production, Inc., and (c) operated or leased by Key Production Company, Inc. that have produced gas or gas constituents (such as residue gas or natural gas liquids) from January 1, 2013, to November 30, 2023.
Claim Period means checks or payments from the Cimarex Entities from January 1, 2013, to and including February 29, 2024, subject to the terms of the Settlement Agreement regarding Released Claims.
A list of the persons or entities excluded from the Class can be found in the Notice of Proposed Settlement, which is available for download from the Important Documents page.
What does the Settlement provide?
In settlement of the Litigation, Defendants have agreed to pay Twenty Million, Five Hundred Thousand Dollars ($20,500,000.00) in cash (“Gross Settlement Amount”). In exchange for the payment of the Gross Settlement Amount and other considerations stated in the Settlement Agreement, the Settlement Class shall release the Released Claims against the Released Parties. The Gross Settlement Amount, less Plaintiffs’ Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, and other costs approved by the Court, including an Incentive Award to the named Plaintiffs (the “Net Settlement Amount”), will be distributed to Class Members pursuant to the terms of the Settlement Agreement.
Your Legal Rights and Options
These deadlines may be moved, canceled, or otherwise modified, so please check this site regularly for updates.
Do Nothing, Participate in The Settlement
By taking no action, your interests will be represented by Plaintiffs as the Class Representatives and Class Counsel. As a Class Member, you will be bound by the outcome of the Settlement, if finally approved by the Court. If you are entitled to a distribution pursuant to the Allocation Methodology and Final Distribution Schedule, you will receive your portion of the Net Settlement Amount, and you will be bound by the Settlement Agreement, all orders, and the Judgment entered by the Court regarding the Settlement.
Exclude Yourself
(received by May 17, 2024, at 5 p.m. CT)
If you do not wish to be a member of the Settlement Class, then you must exclude yourself from the Settlement Class. If you validly request exclusion, you will not receive any distribution from the Net Settlement Fund, you cannot object to the Settlement, and you will not have released any claim against the Released Parties. You will not be legally bound by anything that happens in the Litigation. For more information, see FAQ 6.
Object
(received by May 17, 2024, at 5 p.m. CT)
Any Class Member who wishes to object to the fairness, reasonableness, or adequacy of the Settlement, any term of the Settlement Agreement, the Allocation Methodology, the Distribution Schedule, the request for Plaintiffs’ Attorneys’ Fees and Litigation Expenses and Administration, Notice, and Distribution Costs, or the request for an Incentive Award to the Class Representative may file an objection. To be valid, your objection must meet certain requirements. For more information, see FAQ 7.
Retain Your Own Attorney
You have the right to retain your own attorney to represent you at the Final Fairness Hearing, which will be held on June 7, 2024, beginning at 10:30 a.m. If you retain separate counsel, you will be responsible to pay his or her fees and expenses out of your own pocket. For more information about the Hearing, see FAQ 4.
For More Information
Visit this website often to get the most up-to-date information.
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