Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Seventy Seven Energy Inks $15 Million Deal Over 401(k)'s Stock

April 21, 2022, 11:10 PM

Seventy Seven Energy Inc.'s retirement plan committee signed a $15 million settlement agreement to end litigation over the Chesapeake Energy stock held in the company’s retirement plan, according to papers filed Thursday in an Oklahoma federal court.

The deal is slated to benefit about 4,000 participants in the Seventy Seven plan who held Chesapeake stock in their retirement accounts, plan participants said in a motion filed in the U.S. District Court for the Western District of Oklahoma. The settlement amount represents about 26.5% of the plan participants’ maximum estimated damages, according to the filing.

This is the first major settlement ...